Coal news and updates

Glencore has begun the sale process of its Rolleston thermal coal mine in Queensland’s Bowen Basin.

 

Together with its joint venture partners Itochu and Sumitomo, the company said the move was part of its “ongoing program to optimise its portfolio and redeploy capital into other opportunities”.

 

The Rolleston mine, which produced 13.3 million tonnes of saleable coal in 2016, recently received approval from the Queensland and Federal governments to extend its lifespan to beyond 2040.

 

“The Rolleston mine is a high quality asset that offers potential buyers the opportunity to gain a strong foothold – or significantly increase their current position – in the Australian and Queensland coal industry,” a Glencore spokesperson said.

 

“We will only sell the Rolleston mine if we consider that an offer delivers value for our shareholders. It will be business as usual at the mine as we work through the sale process. Merrill Lynch has been appointed as sole financial adviser in relation to the sale process.”

 

Source: Australian mining