Glencore has bought out its joint venture partners in the Newlands and Collinsville coal mines in Queenslands’ Bowen Basin, Australia.
In an emailed statement to World Coal, a company spokesperson confirmed the transaction, but declined to offer any further terms. The transaction closed at the end of September.
The Newlands mine has an annual capacity of 11 million t ROM, producing 6.97 million t of saleable coal in 2014, according to the Glencore website.
Collinsville has an ROM capacity of 6 million t, producing 2.6 million t of saleable coal in 2015 before operations were reduced this year in response to market oversupply.
Both mines had been owned in joint venture with Itochu Coal Resources and Sumitomo. According to the spokesperson, the transaction “met the strategic objectives of the respective partners.”
Read the article online at: https://www.worldcoal.com/coal/06122016/glencore-buys-out-newlands-and-collinsville-mines/