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. 18.01.2019
    18.01.2019
    by      In
    Sydney-based food processing and packaging specialist tna has named Jonathan Rankin as Chief Executive Officer. Having recently returned to tna as Chief Sales Officer, Rankin will now lead tna’s day-to-day operations, while focusing on the implementation of new processes that will take the company’... Read More
  2. 17.01.2019
    17.01.2019
    by      In
    Despite an increased global focus on IoT security, the latest report from security specialist Gemalto reveals that only around half (48%) of businesses can detect if any of their IoT devices suffers a breach. “The state of IoT security” also finds that the proportion of companies’ IoT budgets spent... Read More
  3. 17.01.2019
    17.01.2019
    by      In
    Online entries for the Australian Packaging and Processing Machinery Association Awards of Excellence will close on 26th January, with judging set to begin on 28th January. The award winners will be announced at the Gala Awards Ceremony on 27th March.
    According to APPMA Chairman Mark Dingley, “... Read More
  4. 17.01.2019
    17.01.2019
    by      In
    A group of almost 30 global companies from the plastics and consumer goods sectors have come together to form the Alliance to End Plastic Waste (AEPW), committing more than $1.0 billion with the goal of investing $1.5 billion over the next five years to help end plastic waste in the environment.... Read More