BHP, Glencore bidding for Anglo's Australian coal assets - report

7th Jun 2016 16:40

(ShareCast News) - Mining titans BHP Billiton and Glencore number among the final bidders for Anglo American's Australian metallurgical coal assets that may fetch about $1.5bn, according to a report.Bloomberg, citing several sources with knowledge of the matter, also reported that Anemka Resources, the mining investor backed by Warburg Pincus, had made a bid.China's Yanzhou Coal Mining and, together, Apollo Global Management and Xcoal Energy & Resources had submitted final bids for the Moranbah and Grosvenor mines, the report said.The deadline for bids was 6 June.The sources told the news agency that Anglo American could reach an agreement for the mines this month, but that no decision had yet been made and talks might amount to nothing.Glencore might be bidding with a partner, one of the sources said.Anglo American wants to raise $3bn-$4bn from asset sales to help lower debt and refocus the company as a miner of diamonds, platinum and copper.In April, the mining heavyweight agreed to sell its Brazilian niobium and phosphate unit to China Molybdenum for $1.5bn. It had also agreed to sell interests in several Australian coal mines including Foxleigh, Callide and Dartbrook.