The transaction was conditional on a number of regulatory and other requirements and completion, Peabody said in its latest quarterly report.

“The Lenton Joint Venture will assume the reclamation obligations associated with the assets being acquired by the Lenton Joint Venture,” it said.

“If completed, the transaction is expected to reduce the company’s asset retirement obligation by approximately $53 million and reduce the amount of restricted cash held in support of such obligations by approximately $30 million.”

The Burton mine, located in Queensland's Bowen Basin, entered a care, maintenance and rehabilitation phase in 2016. 

At September 30, Peabody’s assets associated with the pending transaction had no carrying value.