Cleveland, Ohio-based Cliffs Natural Resources said Monday that its wholly-owned subsidiary, Cliffs Australia Coal Pty Ltd. has finalized the sale of its 45 percent economic interest in the Sonoma coal mine located in Queensland, Australia to its joint venture partners, QCoal Sonoma Pty Ltd (QCoal) and JS Sonoma Pty Ltd (JSS).
Cliffs divested its interests in the Sonoma mine along with its ownership of the affiliated wash plant. The company sold 90 percent of its interest to QCoal and the remaining 10 percent to JSS. Cliffs received approximately AUD$141 million (US$147 million) in cash upon the closing of the transaction.