Glencore Sells Australian Coal Mine to GFG Alliance
02 Janeiro 2018 - 4:30AM
Dow Jones News
By Robb M. Stewart
MELBOURNE, Australia--Glencore PLC has agreed to sell an
underground coal mine in eastern Australia to GFG Alliance, an
industrial conglomerate that last year picked up steel and iron-ore
mining assets in the country.
Glencore said the deal for its Tahmoor mine remains subject to
state government approval and is expected to be completed this
quarter. No financial details were disclosed by the company, which
is one of Australia's largest coal producers with 17 operating
mines across the east.
Glencore had planned to halt mining at Tahmoor beyond 2018, but
with a recovery in coking coal prices it reversed course last May
and restarted development of the mine but also said it was seeking
a buyer. Located in the Southern Highlands region southwest of
Sydney, the mine produced almost 1.8 million metric tons of
steelmaking coal in 2016, with an estimated 57 million tons of
reserves.
Mining at Tahmoor began in 1979 and the operation has changed
hands several times over the years, being bought in October 2007 by
Xstrata, which is now part of Glencore.
GFG, a group of businesses owned by Britain's Gupta family, last
year bought the Australian mining and steel-making operations of
failed company Arrium Ltd., which includes iron-ore bulk handling
facilities at the Whyalla port in the country's south.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
January 02, 2018 01:15 ET (06:15 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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