Anglo American to receive coal bids in September

Anglo American (LON: AAL) is said to have set September 9 as the date it will begin receiving bids for its Australian metallurgical coal mines, which analysts estimated to be worth up to $5 billion, before a fire at Grosvenor in June that shut the mine.The sale is part of a comprehensive sweeping restructuring program triggered by a failed takeover attempt by its larger rival BHP (ASX, LON, NYSE: BHP). The explosion and subsequent fire at the company’s Grosvenor coal mine in Queensland rose questions about the process. Anglo continued as planned, enlisting the services of three top banks in July to assist in the sale.Bids will be open for Anglo’s Grosvenor and Moranbah North mines, as well as three smaller mines in Queensland, according to two unnamed sources cited by Reuters.Analysts predict that potential bidders may include Glencore (LON: GLEN), already a major supplier of Australian coal, Indonesian companies and Yancoal (ASX: YAL), which operates several coal mines in the country. Glencore scraps plans to ditch coal on investor pressureGlencore recently abandoned plans to spin off its coal unit following discussions with shareholders, who pushed back against the move. The Swiss miner and commodities trader’s business has long been centred around the fossil fuel, and the prospect of abandoning it seemed improbable for a company built on the commodity.Following the announcement, chief executive Gary Nagle said the company would even consider buying more steelmaking coal assets, given they were “fair priced” and located in “the right place”.A group of Indonesian companies led by Golden Energy and Resources is reportedly considering making an offer. Delta Dunia Group, a Jakarta-listed company that operates the BUMA coal mining services business in Australia, announced in July its intention to expand through acquisitions.China-backed Yancoal is another strong candidate to bid for Anglo’s assets. The miner said on Monday it was on the hunt for metallurgical coal deals in Australia, backed by A$1.5 billion ($1bn) in available funds. If successful, the move would position Yancoal as one of the nation’s top producers, capitalizing on rising demand across Asia.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com