Sanjeev Gupta’s GFG Alliance strikes deal on Glencore Tahmoor coal mine
Sanjeev Gupta and his GFG Alliance have struck a deal to buy Glencore’s Tahmoor mine providing his Whyalla steelworks with a vital ingredient.
British billionaire Sanjeev Gupta and his GFG Alliance have struck a deal to buy Glencore’s Tahmoor coking coal mine southwest of Sydney in a move that will provide his Whyalla steelworks with a vital ingredient.
No value was given for sale of the mine, which ships coal to Whyalla and export markets from Port Kembla.
“The acquisition of the Tahmoor mine is an exciting step forward in our stated strategy to create fully-integrated, end-to-end businesses in Australia, from raw materials and energy right through to high-value finished products ready for market,” Mr Gupta said this afternoon.
“Through this purchase we secure and de-risk an important feed for the Whyalla Steelworks. This, together with our iron ore mines in South Australia, now makes GFG the only fully-integrated Australian steel producer, whether from iron ore and coking coal to primary steel, or from scrap metal and renewable energy to GREENSTEEL.”
Mr Gupta bought Whyalla from liquidators last year, along with the rest of the Australian assets of Arrium, the former OneSteel.
Since then, he has flagged plans to spend $1bn upgrading and expanding Whyalla, has been making renewable energy investments in Australia and has said he wants to make investments in the aluminium sector.
The mine produces 2 million tonnes of coking coal a year and employs 340 people.