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Newmont Mining Looks to Offload Australian Coal Assets

By Joel ScanlonFeb 2 2012

Newmont Mining is in the situation whereby two overseas companies are hoping to buy its coal tenements. The mining company is selling its coal assets in Queensland which are estimated to hold more than 1.2 billion tones of thermal coal.

The two interested parties are not named but the person familiar with the matter said that the Felton East/West and Lochbar/Bringalily South tenements in Queensland state's Clarence-Moreton Basin were likely to be sold before the year was out.

The Denver, Colorado based company is the second largest producer of gold in the world after Barrick Gold Corp. Since it considered its coal assets in Australia to be non-core it has decided to sell them. The regions it owns in the Clarence Moreton Basin is merely 10 km away from a rail line that has ready access to both Gladstone and Brisbane.

The thermal coal could be developed for export as well if there were capacity available at either port. It is used mostly for the generation of electricity through power plants. News of the sale became confirmed when Newmont Mining appointed Australia & New Zealand Banking Group Ltd. Last year to hunt for buyers.

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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