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

Timing could be right for Bowen Basin mine sales

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.


Terry honoured for service

Terry honoured for service

Emerald man celebrates 50 years with the Rotary Club.

Shaving mo' of 33 years

Shaving mo' of 33 years

Local councillor will say goodbye to his moustache of 33 years.

Traffic incident hospitalises teen

Traffic incident hospitalises teen

Emerald traffic incident sees teenager transported to hospital.

Local Partners