In May, Glencore also put its wholly-owned Tahmoor coking coal mine -- located 90 km south-west of Sydney -- up for sale, citing a desire to concentrate on mining thermal coal. Media release: Glencore begins sale process for Rolleston thermal coal mine in Queensland https://t.co/oGZGNBxbKi pic.twitter.com/qCI5rUxoYI — Glencore Australia (@GlencoreAus) August 28, 2017"This decision is part of Glencore's ongoing program to optimize its portfolio and redeploy capital into other opportunities," Glencore said in a statement. That makes the blending of Rolleston coal with supply from other mines to meet individual customer requirements an uneconomic process. Last month Glencore agreed to pay $1.1 billion for a 49 percent stake in Australian coal mines that China-backed Yancoal Australia is acquiring from Rio Tinto. That deal will add 7 million tonnes of thermal coal a year to Glencore's coal division.

Source: Huffington Post August 28, 2017 10:32 UTC