PERTH (miningweekly.com) – Diversified major Glencore and its joint venture partners Itochu and Sumitomo have started the sales process of the Rolleston thermal coal mine, in Queensland.
Glencore said on Monday that the decision to divest of the Rolleston mine was part of the company’s ongoing programme to optimise its portfolio and to redeploy capital into other opportunities.
“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,” the company said in a statement.
“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.”
The mine produced some 13.3-million tonnes of saleable coal in 2016, and Glencore recently received approval from the state and federal government to extend the mine-life at Rolleston to beyond 2040.
Glencore is currently also looking for a buyer for its Tahmoor underground coal mine, in New South Wales, which produced 1.8-million tonnes of coal in 2016 and employs 340 staff.