Darling Downs coal mine sale collapses

BREAKING: The sale of a Darling Downs coal mine that promised to create hundreds of new jobs has collapsed.

Peabody had announced in July last year that it was selling the Wilkie Creek coal mine to clean coal aspirant Exergen.

However, it has been revealed this week that the deal has fallen over.

Peabody said the sale process had been terminated, with reports that Exergen was not able to get the finance needed to purchase the mine.

Exergen had announced last year that it was looking to employ 120 new workers to run the mine once it reopened.

Attempts to contact the company today have failed.

Peabody Energy filed for chapter 11 bankruptcy in America on all its Australian mines last month.

The Wilkie Creek mine is currently in care and maintenance mode, and a Peabody Energy spokeswoman said progressive rehabilitation work continued to occur at the site.

Seventy jobs were cut from the mine in September 2013, with production reduced by 30%.