27th Jun 2016 06:07
LONDON (Alliance News) - Anglo American PLC is thought to be close to concluding the sale of two coal mines in Australia, which would be a key component to the company's debt reduction plans, and fellow commodity giant BHP Billiton PLC is expected to be one of the leading bidders, the Financial Times reported Sunday.
Anglo American has been in the process of selling the Moranbah and Grosvenor mines, which both produce coking coal for use in steel-making, and BHP is thought to be interested in snapping up the mines after committing to the long-term future of coal, the newspaper said.
Citing people who have been "close to the sales process", the FT said Anglo American is hopeful of concluding a deal soon after stepping up its asset sale and debt restructuring plans in February, offloading a trio of smaller Australian coal mines and selling its large niobium and phosphates business in Brazil in April.
BHP already has a joint venture with Mitsubishi of Japan that owns several nearby mines in the same Bowen Basin coal district of Queensland where Anglo's operations are.
Glencore PLC was thought to be another potential buyer, but the FT said people aware of the sale plans said the Switzerland-based group was no longer in the process.
http://www.ft.com/cms/s/0/db73228a-3bae-11e6-8716-a4a71e8140b0.html#axzz4Cl0tlKDG
By Joshua Warner; [email protected]; @JoshAlliance
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