Timing could be right for Bowen Basin mine sales

Rio Tinto labelled reports it would sell it's Hail Creek and Kestrel mines
Rio Tinto labelled reports it would sell it's Hail Creek and Kestrel mines "purely speculative”. Contributed

ANGLO American's decision to keep its two Bowen Basin coal mines on the market, is likely to have left companies circling for a new mine to invest into.

Despite the improved timing, Rio Tinto has ruled out selling it's Hail Creek and Kestrel mines.

Last month Fairfax media reported that banks had been asked to advise Rio Tinto on the sale of the two Bowen Basin mines.

But on Thursday a Rio Tinto spokesman ruled out the idea, stating the reports were "purely speculative" and "seem to be based on rumour".

Yet others in the industry pointed out Hail Creek and Kestrel were the only two coal assets Rio Tinto had left in Australia.

Given the companies that had vied for Anglo American's Moranbah North and Grosvenor mines were likely to still be searching for a Bowen Basin asset, the timing could be right for more sales in the region.

Apollo Global Management, which was reported in October last year to be "nearing a deal" to buy the two Anglo mines, is now believed to have made an offer on Westfarmer's Curragh mine.

Topics:  anglo american bowen basin coal hail creek mining resources rio tinto

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