Business

Anglo-American puts Central Qld mines on the market

ANGLO-AMERICAN has put its Moranbah South, Moranbah North and Grosvenor coalmines up for sale.

The announcement came on Tuesday despite the company denying rumours in December about the sale of the mines, when news broke it would sell more than half its assets globally.

It hopes to reduce its debt to less than $10 billion by the end of 2016, with the goal of reaping $3-4 billion from asset sales this year.

The company's other CQ mines Dawson, Callide and Foxleigh have been on the market since last February.

In a media release Coal COE Seamus French said engagement with potential buyers had begun.

"The Moranbah North, Grosvenor and Moranbah South assets in the Bowen Basin at Moranbah will be sold as a package as one of the most significant, high quality metallurgical coal businesses in the world with a combined resource base of over half a billion tonnes as at 2014.

"The sale process is under way and is expected to take several months."

Moranbah North, Grosvenor and Moranbah South coal mines would be sold as a package due to their locality and because they shared some infrastructure.

Lock the Gate Alliance spokesperson Rick Humphries urged government to ensure the mines were only sold to a company which could ensure rehabilitation costs.

"Anglo American should not be allowed to sell its Grosvenor and Moranbah coalmines without the Queensland Government vetting the buyer to ensure they have the capacity to do the right thing and clean up the mess left behind."

The Australian Manufacturing Workers' Union has called on the company to immediately consult with employees and for Federal Member for Capricornia Michelle Landry to take a stand against any move that would see mass job losses in the region.

Local AMWU Organiser Jason Lund said that members were concerned for their future employment and the survival of local communities.

"Employees at Moranbah North, Grosvenor, Capcoal, Foxleigh, Grasstree, Dawson and Callide mines have been left wondering what's next for their families and whether these changes mean they will lose their jobs," he said.

Dwayne Muller, an employee from German Creek mine, said communities and employees needed to be protected.

"If people leave our region due to a lack of work, our community will see a reduction in services such as housing, schools and health services," he said.

"Whilst the company haven't announced any redundancies or closures yet, the divestment means employees like me and my family are left up in the air."

Anglo-American said any employees made redundant would receive their full entitlements, although none havr been announced.

Topics:  mining


Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Fr Dan was a priest of the people

CELEBRATION: Fr Dan Moore at his 50 years of priesthood jubilee.

A vibrant life remembered.

Mayor responds to union criticism over DV leave

Central Highlands Mayor Kerry Hayes.

According to the Services Union, council is all talk, little action.

Coal mine takes the next step

FULL VIEW: The Olive Downs project.

A mine that will create more than 1000 jobs for CQ is a step closer.

Local Partners

Textiles master weaves her magic

Exhibition at Moranbah Coalface Art Gallery.

REVIEW: Under the Gun doco looks at right to bear arms

ARMED: A still from the 2016 documentary film Under the Gun by Stephanie Soechtig.

An in-depth look into America's gun culture.

Messing with your head

MIND BLOWN: What could be weirder than the realisation that we have another completely separate brain and nervous system than the one originating in our heads?

Fascinating connection between your gut and your brain

Sir Elton John coming to Mackay: What you need to know

Sir Elton will come to Mackay and Cairns in September.

Tickets to the concert go on sale on March 14

Jimmy Kimmel opens up about Oscars stuff-up

Academy Awards host Jimmy Kimmel gives his take on the epic Oscars envelope error: “It was the weirdest TV finale since ‘Lost’”

Groom threatens to walk out of Married At First Sight

Andrew is just about done with his “horrible” relationship with Cheryl.

ANOTHER explosive breakup is looming after a disastrous home visit.

'I wasn't naked': Blanca Blanco speaks out

Blanca Blanco arriving at the 89th Academy Awards. Picture: Ian West/PA WireSource:AAP

"It was a nude colour, it matches my skin, so I wasn’t naked.''

‘IT’S A LITTLE SAD’: Trump makes Oscars bungle all about him

US President Donald Trump claims Hollywood's elite were too busy mocking him to pay attention on Oscars night.

Donald Trump ‘explains’ Oscars stuff up.

Lama and Sarah’s ‘epic’ MKR fail

My Kitchen Rules contestants Lama and Sarah.

Tempers flare as Lebanese feast turns into an epic fail.

Oscars 2017: How did biggest award get stuffed up?

Presenter Warren Beatty shows the envelope with the actual winner for best picture as host Jimmy Kimmel, left, looks on at the Oscars on Sunday, Feb. 26, 2017, at the Dolby Theatre in Los Angeles. The winner was originally announced as La La Land, but was later corrected to Moonlight.

'Guys in headsets starting buzzing around. They took the envelope.'

Lisa Curry can't marry her fiance

Lisa Curry breaks down in the jungle.

Lisa Curry says she can’t get married to her fiance

Casino boss loses $4m on waterfront Sunshine Coast home

The owner of this stunning Noosa home accepted much less than he had initially wanted for the home.

When illness struck owner forced to try and cash out of property

Mining homes dive: $600k homes sell for $120k-$300k

18 Yeates Street, Moranbah sold for $135,000 in December, after being repossessed by a bank. The owners bought for $545,000 in August, 2011.

The economy still has two speeds, but with a painful twist

Mackay's property market climbing like a Rocket Man

Renewed confidence in Mackay means more homes are being snapped up by those eager to plant their roots in the region.

There's movement in the real estate sector and it's all positive.

'Why we drove 800km to buy a treehouse with a disco ball'

The new owners have planned a few updates, but will stick with much of the original design.

A couple travelled almost 800km for the home of their dreams.

The trick homeowners are using to buy more properties

Chantelle Subritzky leaves her home each week for Airbnb guests.

Queenslanders are going down this path to help pay their mortgages

Ready to SELL your property?

Post Your Ad Here!