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Glencore plans to sell Australian Rolleston coal mine in H1 2018

Time:2017-11-14
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Diversified natural resource company Glencore is expecting to select a preferred bidder and announce a binding transaction for the sale of its Rolleston coal mine in Queensland, Australia, during the first half of next year, the company said Monday.

"There continues to be strong interest from a number of parties in our Rolleston mine, but Glencore has not yet reached any form of agreement or understanding with any party," it said.

"We welcome the reported interest from Macquarie Capital, Brookfield and Aurizon and are open to receiving a proposal from them and all other interested parties," it added.

The mine, which is in the southern part of Queensland's Bowen Basin, is expected to produce 17 million mt of saleable thermal coal in 2018, Glencore said.

Due to its low ash content, Glencore said that none of the thermal coal extracted at Rolleston required washing. The coal is sold either for export via the Port of Gladstone, or in the domestic market.

"The mine has a track record of strong performance throughout the commodity cycle and has approval from the Queensland and Federal Governments to extend its mine life to beyond 2040,' the company said.

In July, Glencore agreed to acquire a 49% interest in Yancoal's Hunter Valley Operation coal mine in New South Wales and form a joint venture following Yancoal's acquisition of Coal & Allied from Rio Tinto.

Glencore has made a number of changes to its portfolio of Australian coal assets in the past couple of years. It sold a subsidiary that operates the Abbot Point Coal Terminal, its GRail coal haulage business, and it has begun the sale process for its Tahmoor coal mine.

Meanwhile, it has acquired full control of the Newlands and Collinsville mines.


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