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Glencore puts Australian coking coal mine on block
May 9, 2017 / 2:28 AM / 5 months ago

Glencore puts Australian coking coal mine on block

SYDNEY, May 9 (Reuters) - Glencore said on Tuesday it has begun a sale process for its Tahmoor coking coal mine ahead of plans to halt operations next year, adding to a growing number of collieries on the block in Australia.

In August 2016, Glencore, which mainly mines thermal coal, said the mine in eastern Australia’s Southern Highlands would not meet an internal investment criteria after 2018.

The mine, which employs about 340 people, last year produced nearly 1.8 million tonnes of coking coal, used to make steel.

The move comes as a number of coking coal mines in Australia go on the block.

The sale of two Rio Tinto coking coal mines is attracting scores of interested buyers, while investors are also looking at mines for sale from companies including Anglo American, Wesfarmers and Peabody Energy .

“We believe the asset has a number of development options for the future and presents a potential buyer with the opportunity to establish or increase a strategic position in the Australian coking coal industry,” Glencore said in a statement emailed to Reuters.

Reporting by James Regan; Editing by Richard Pullin

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