Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  Commodities  >  Silver       XAGUSD

Mes dernières consult.
Most popular
News SummaryAll newsTweets

Glencore : Agrees to Sell Australian Coal Mine to GFG Alliance -- Update

share with twitter share with LinkedIn share with facebook
share via e-mail
01/02/2018 | 08:32am CEST
   By Robb M. Stewart 

MELBOURNE, Australia--Glencore PLC (>> Glencore) has agreed to sell an underground coal mine in eastern Australia to GFG Alliance, an industrial conglomerate owned by Britain's Gupta family that last year picked up steel and iron-ore assets in the country.

Financial terms for the acquisition of the Tahmoor mine weren't disclosed by the companies, which said Tuesday they expected the deal to close this quarter, subject to state government approval.

The mine supplies coking coal used in steel production to blast furnaces internationally and in Australia. It also ships to the Whyalla steel operation in southern Australia that was acquired last year by GFG.

Sanjeev Gupta, chairman of GFG, said the acquisition was part of the company's strategy to create an integrated business in Australia that stretches from raw materials and energy to finished products.

"This, together with our iron-ore mines in South Australia, now makes GFG the only fully integrated Australian steel producer," he said.

GFG in September completed the acquisition of the Australian mining and steelmaking operations of failed company Arrium Ltd., including bulk handling facilities at the Whyalla port in the country's south.

Switzerland-based Glencore, one of the largest coal producers in Australia with 17 mines in operation across the east, said business would continue as usual at the mine until the transaction is completed.

The company had planned to halt mining at Tahmoor beyond 2018, but with a recovery in coking coal prices it reversed course in May and restarted development of the mine--but also said it was seeking a buyer.

Located in the Southern Highlands region southwest of Sydney, the mine produced almost 1.8 million metric tons of steelmaking coal in 2016 and has about 57 million tons of reserves, according to estimates.

Mining at Tahmoor began in 1979 and the operation has changed hands several times over the years. In October 2007, it was bought by Xstrata, which is now part of Glencore.

Late last month, Australian retailing-to-mining company Wesfarmers Ltd. (>> Wesfarmers Ltd) struck a deal to sell its Curragh coking coal mine in eastern Queensland to U.S.-based Coronado Coal Group for 700 million Australian dollars (US$546.3 million) plus 25% of the operation's exports over the next two years when the price of coal is above a certain level.

Write to Robb M. Stewart at [email protected]

Stocks mentioned in the article : Glencore, Wesfarmers Ltd
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on SILVER
11:03aCorrection to Glencore, Katanga Mining Article
08:54aGlencore's Katanga Mining Assessing Ways to Recapitalize Congo Subsidiary
04/20WÄRTSILÄ OYJ : Sulphur scrubbers 'no silver bullet' for shipping industry - Wart..
04/18Rio Tinto Driverless Trains Advance, Projects on Track -- Commodity Comment
04/17Rio Tinto Australian Iron-ore Shipments Higher On-year
04/13Rio Tinto to Declare Force Majeure on Certain Rusal Contracts
04/13Surging Demand for Lithium Spurs Interest in European Mines
04/12Glencore Declares Force Majeure on Some Aluminum Contracts -Bloomberg
04/11Trade Risks, Costs to Test Mining Rebound, Cautions Rio Tinto
04/11Aluminum Extends Rally After Exchanges Ban Rusal Metal
More news
Duration : Period :
Silver Technical Analysis Chart | XAGUSD | 4-Traders
Technical analysis trends SILVER
Short TermMid-TermLong Term