The Rolleston mine is a high quality asset that offers potential buyers the opportunity to gain a strong foothold – or significantly increase their current position – in the Australian and Queensland coal industry, Glencore said in a statement.
“We will only sell the Rolleston mine if we consider that an offer delivers value for our shareholders,” it said.
“It will be business as usual at the mine as we work through the sale process.”
Merrill Lynch has been appointed as sole financial adviser in relation to the sale process.
The Rolleston mine produced 13.3 million tonnes of saleable coal in 2016, out of Glencore’s total Australian managed saleable coal production of about 93Mt.
It is an established, stable and profitable asset with a long mine life and has an experienced management team and a highly skilled workforce, the company said.
“It has an established logistics and transport system and long-term relationships with customers across Asia,” it said.
“It has a track record of strong performance throughout the commodity cycle and recently received approval from the Queensland and federal governments to extend its mine life to beyond 2040.”
