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Saturday, January 7, 2012

Wesfarmers coking coal price falls to USD 230 per tonne

Saturday, 07 Jan 2012

Price negotiations for the January 2012 to March 2012 quarter for metallurgical coal exports from Wesfarmers Resources' Curragh mine in Queensland's Bowen Basin have now been concluded with the majority of customers.

For the January 2012 to March 2012 quarter, the weighted average USD FOB for new contract prices of Curragh metallurgical coal will decrease by approximately 19% as compared to the October 2011 to December 2011 quarter prices.

All of Curragh contracted tonnage for this quarter is under the quarterly pricing mechanism.

Mr Stewart Butel Managing Director of Wesfarmers Resources said the company was satisfied with the result of its negotiations for Curragh hard coking coal with price settlements for the January 2012 to March 2012 quarter at approximately USD 230 per tonne FOB Queensland. Approximately 95% of the January 2012 to March 2012 quarter sales tonnage is forecast to be at the new contract prices with the balance at carry over prices from the previous quarter.

Commissioning of the new coal preparation plant at Curragh has commenced, with practical completion estimated to occur at the end of first quarter calendar year 2012.

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