Bids shall be open for Anglo’s Grosvenor and Moranbah North mines, in addition to three smaller mines in Queensland, in keeping with two unnamed sources cited by Reuters.
Analysts predict that potential bidders could embody Glencore (LON: GLEN), already a significant provider of Australian coal, Indonesian corporations and Yancoal (ASX: YAL), which operates a number of coal mines within the nation.
Glencore just lately deserted plans to spin off its coal unit following discussions with shareholders, who pushed again in opposition to the transfer. The Swiss miner and commodities dealer’s enterprise has lengthy been centred across the fossil gasoline, and the prospect of abandoning it appeared inconceivable for a corporation constructed on the commodity.
Following the announcement, chief government Gary Nagle mentioned the corporate would even think about shopping for extra steelmaking coal belongings, given they had been “honest priced” and positioned in “the correct place”.
A gaggle of Indonesian corporations led by Golden Power and Sources is reportedly contemplating making a proposal. Delta Dunia Group, a Jakarta-listed firm that operates the BUMA coal mining companies enterprise in Australia, introduced in July its intention to increase by means of acquisitions.
China-backed Yancoal is one other sturdy candidate to bid for Anglo’s belongings. The miner mentioned on Monday it was on the hunt for metallurgical coal offers in Australia, backed by A$1.5 billion ($1bn) in accessible funds. If profitable, the transfer would place Yancoal as one of many nation’s prime producers, capitalizing on rising demand throughout Asia.