Coal mining investor AMCI is offloading an interest in its Fitzroy mining complex in a quest to attract an investment worth about $100m.
The metallurgical coal operations are located in Queensland’s Bowen Basin. They include the Carborough Downs underground mine, producing 2.8 million tonnes per annum, the Broadlea open cut mine and the Ironbark No.1 development.
The sale comes as EMR Capital is looking to sell its $US3bn Kestrel coal mine through Bank of America and Macquarie Capital, with that deal now likely to be brought to market in the middle of the year, later than earlier anticipated.
The most likely suitors are Yancoal and a Stanmore Coal-led consortium from Indonesia.
Kestrel is the world’s largest underground coking coal mine, producing about 7.1 million tonnes annually.
It is in Queensland’s Bowen Basin, 50km northeast of Emerald, and was purchased from Rio Tinto by the Owen Hegarty-chaired EMR Capital in 2018 for $US2.25bn.
EMR Capital owns 52 per cent. Adaro Energy owns the remainder and has pre-emptive rights to buy out the asset.
Meanwhile, Sanjeev Gupta’s GFG Alliance is selling the Tahmoor coal mine in NSW to fund his operations, and the sale process is likely to see the asset achieve a price of about $300m.
It has approval to produce up to four million tonnes of coal annually.
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