Newspaper article The Observer (Gladstone, Australia)

Mine Sale Raises Questions

Newspaper article The Observer (Gladstone, Australia)

Mine Sale Raises Questions

Article excerpt

Byline: Tegan Annett tegan.annett@gladstoneobserver.com.au

WIGGINS Island Coal Export Terminal's major owner Glencore has placed its Rolleston coalmine in the Bowen Basin up for sale.

The decision is part of Glencore's ongoing program to optimise its portfolio and redeploy capital into other opportunities.

The announcement follows fears for Glencore and the four other miner owners of WICET who have $3.9 billion of debt hanging over their heads.

The Australian reported the sale could be a move by Glencore to improve its negotiating position with WICET's lenders, advised by McGrath Nicol.

In a statement released this week the company said it would sell the Rolleston mine if they receive an offer that "delivers value for our shareholders".

"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," the company said. …

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