Glencore, with joint venture partners Itochu and Sumitomo, has commenced a sale process for the Rolleston thermal coal mine, 140km south-east of Emerald in the Bowen Basin.
The company said the decision was part of Glencore’s ongoing program to optimise its portfolio and redeploy capital into other opportunities.
The Rolleston open-cut mine produced 13.3 million tonnes of saleable coal in 2016 and recently received approval from the Queensland and Federal Governments for an expansion plan to extend its mine life to beyond 2040.
Glencore described Rolleston as a high-quality asset and said it would only sell if it considered that an offer delivered value for our shareholder.
“It will be business as usual at the mine as we work through the sale process,” Glencore said in a statement today.
Merrill Lynch has been appointed as sole financial adviser in relation to the sale process.