RSS   Newsletter   Contact   Advertise with us

Glencore to sell Rolleston coal mine in Australia

Staff Writer | August 28, 2017
Glencore said it has kicked off a bid to sell its Rolleston thermal coal mine in Australia, together with its joint venture partners, Japanese trading houses Itochu Corp and Sumitomo Corp.
Rolleston mine
Mining   Glencore owns 75 percent of the Rolleston mine
The plan to sell a mine that accounted for more than a tenth of Glencore’s coal output in Australia last year comes as the Swiss-based firm undergoes a global review of its business with an eye on divestments as it seeks to extend profit gains while paying off debt.

“This decision is part of Glencore’s ongoing program to optimize its portfolio and redeploy capital into other opportunities,” Glencore said in a statement.

Glencore owns 75 percent of the Rolleston mine, with its Japanese partners each holding 12.5 percent.

Rolleston produced 13.3 million tonnes of coal in 2016, more than 10 percent of Glencore’s Australian managed coal production of about 93 million tonnes.