New Hope completed the acquisition of a 40% stake in Bengalla Mining from Wesfarmers for $636m.

New Hope, an Australian thermal coal-mining company, completed the acquisition of a 40% stake in the Bengalla thermal coal mine in New South Wales from Wesfarmers for $636m. “We believe this agreement with New Hope is in the best interests of our shareholders and ensures a smooth transition in the ownership structure of the Bengalla joint venture. Bengalla has made strong returns for Wesfarmers shareholders since our initial interest was acquired in 1991 and it is pleasing the extensive, disciplined and patient review of our coal businesses has resulted in outcomes which reflect the value of these world-class assets," Rob Scott, Wesfarmers Managing Director.