Mon Mar 1, 2010 4:02am GMT
PERTH, March 1 (Reuters) - Global miner Anglo American (AAL.L) has launched the sale of five undeveloped coal fields in Australia but said it remained committed to holding onto its operating coal assets in the country, the company said on Monday.
Anglo said the sales are part of its asset rationalisation strategy and the exploration projects do not form part of its growth plans in the short to medium term.
"We've started on the sale process and are going out to see prospective parties," said a spokesman from Anglo's Australian unit.
The assets up for sale are mostly export grade thermal coal fields, including the Collingwood, Ownaview and Taroom projects in Queensland's Surat Basin and the Bylong and Sutton Forest projects in New South Wales state.
The five projects have a total coal resource of 1.1 billion tonnes, said Anglo, the fourth-largest coal producer in Australia. It has one wholly-owned producing mine and a controlling interest in another five operating projects.
The Queensland assets up for sale are 51 percent owned by Anglo, while Japan's Mitsui & Co. Ltd (8031.T) holds the rest. The New South Wales projects are 100-percent owned by Anglo. Goldman Sachs JBWere is advising Anglo on the sales process. (Reporting by Fayen Wong; editing by Balazs Koranyi)
Source: http://uk.reuters.com/article/idUKSGE62003120100301
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