Ready. Set. Go! The race begins for Anglo American Coal Mines
Mining giant Anglo American has placed two of its largest coal mines in Australia up for sale as the business shifts its focus in a bid to lower debt.
The company will look to base its operations on copper, platinum and diamonds as it looks to reduce the number of assets and use the money in any deal to reduce the company's debts.
The Australian reports that fellow Australian mining companies, BHP Biliton and Yancoal, along with the US based Apollo and UK based Glencore PLC are all linked with buying the Grosvenor and Moranbah mines.
In a deal that could be worth up to AUD1.3 billion, Anglo American has stressed that the sale of both mines will only be finalised ‘for the right price’.
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