Peabody has received cash proceeds of A$65 million ($48 million) as part of the transaction, with an additional A$22 million ($16 million) of cash proceeds anticipated to be received before the end of the third quarter of 2016 once certain governmental and regulatory approvals are granted. The remaining proceeds are related to the sale of select tenements held by the Coppabella-Moorvale joint venture and are subject to approval by the joint venture partners and other conditions. The transactions include the Olive Downs South, Olive Downs South Extended, Willunga and Olive Downs North tenements, which consist of 165 million tons on a net basis to Peabody. Peabody’s Australian operations sold 35.8 million tons of metallurgical and thermal coal in 2015 and control 861 million tons of coal reserves.