none

ANGLO AMERICAN TO SELL OFF QUEENSLAND MINES

17-02-2016
by 
in 

Global mining company, Anglo American has announced that it will sell all metallurgical coal mines in Queensland.

The mines that are up for sale are the Moranbah North and Grosvenor Mines, along with the Moranbah South development project, the Grasstree, and the Capcoal mines.

The company said that they would "be managed to further improve performance, and we will consider options for exit at the appropriate time".

The company announced that there were plane for a massive restructure in order to remove all its debt.

The plans hope to remove as much as $10 billion of debt by the end of 2016, and making $3-4 billion in asset sales.

Anglo American’s coal chief executive officer Seamus French released a statement saying the three Moranbah assets would be sold as a package.

"We have already announced the intention to sell a number of the Australian assets including Callide, Dartbrook, Dawson, and Foxleigh — some of which already have conditional sales agreed," he said.

"The remaining assets are now being evaluated for buyer interest.

"We will follow the usual sale process and it is our aim to sell the assets as going concerns to have minimal impact on our workforce."

The New South Wales assets will also be part of the divestment program.

Anglo Amerincan has said that there were discussions o assess the value of all the assets, adding that this process could take “several months”

A demand for metallurgical coal from China has sharply fallen as the country consumes less steel than during its fastest growth a few years ago.

Related news & editorials

  1. 16.08.2018
    16.08.2018
    by      In
    Following extensive growth of the business, Beacon Solar (a division of Beacon Lighting Group) has changed its business (trading) name to Beacon Energy Solutions.
    Beacon Solar has been in the energy efficiency/solar market for more than 10 years, with the business initially offering residential... Read More
  2. 15.08.2018
    15.08.2018
    by      In
    BHP’s new $4.8 billion South Flank iron ore mine in the Pilbara is expected to create about 2500 jobs during construction and 600 ongoing roles. But local fabricators are quire rightly up in arms about the company’s decision to award the contract for 20,000 tonnes of structural steel work to... Read More
  3. 14.08.2018
    14.08.2018
    by      In
    The former Trade Commissioner of Denmark to Australia and New Zealand, Michael T Hansen has been named General Manager of Nilfisk in Australia.
    Originally from Denmark, Hansen has more than 25 years of experience in business development and sales.
    Over the last 9 years as Trade Commissioner, Hansen... Read More
  4. 14.08.2018
    14.08.2018
    by      In
    World-renowned physicist Dr Cathy Foley has been named CSIRO Chief Scientist with a brief to help champion science, its impact and contribution to the world. Dr Foley is best known for her work developing superconducting devices and systems that have assisted in unearthing over $6 billion in... Read More