Vale, continues to divest non-core assets with the sale of a second coal mine this month. The company sold its Integra coal mine complex in Hunter Valley, New South Wales, Australia, jointly to Bloomfield Group and Glencore Plc.
It is reported that Vale had been looking to get out of the Integra mine since 2012.
The project has been in care and maintenance since July 2014 due low coal prices leading it to be considered economically unviable. The Integra coal mine produced approximately 4.5 million tpy of coal from both its underground and opencast mine before it was shut.
Under the sale, Glencore will acquire Integra's underground operations while Bloomfield will acquire the opencast mine. Bloomfield intends to include its part of the mine into its existing operations, while Glencore is reported to have no immediate plans to resume mining in the near term.
The transaction is anticipated to close in the next few weeks.
Read the article online at: https://www.worldcoal.com/mining/28082015/vale-set-to-sell-integra-coal-mine-2789/