SYDNEY May 9 Glencore said on Tuesday
it has begun a sale process for its Tahmoor coking coal mine
ahead of plans to halt operations next year, adding to a growing
number of collieries on the block in Australia.
In August 2016, Glencore, which mainly mines thermal coal,
said the mine in eastern Australia's Southern Highlands would
not meet an internal investment criteria after 2018.
The mine, which employs about 340 people, last year produced
nearly 1.8 million tonnes of coking coal, used to make steel.
The move comes as a number of coking coal mines in Australia
go on the block.
The sale of two Rio Tinto coking coal mines
is attracting scores of interested buyers, while investors are
also looking at mines for sale from companies including Anglo
American, Wesfarmers and Peabody Energy
"We believe the asset has a number of development options
for the future and presents a potential buyer with the
opportunity to establish or increase a strategic position in the
Australian coking coal industry," Glencore said in a statement
emailed to Reuters.
(Reporting by James Regan; Editing by Richard Pullin)