BHP Billiton to Keep Gregory Crinum Coal Complex

Reuters reported that BHP Billiton (ASX:BHP,NYSE:BHP,LSE:BLT) will not sell its Australia-based Gregory Crinum coal mining complex. Bankers believe that the move may cause problems for other miners hoping to sell coal properties.

As quoted in the market news:

Bankers said BHP’s failure to sell would weigh on other potential deals in the market, such as Rio Tinto’s proposed sale of its Clermont coal mine and a minority stake in its Coal & Allied joint venture, worth about $3.2 billion.

Now BHP had removed Gregory Crinum from the market, those two assets were “hanging in the balance and may have the same outcome,” said a banking source, who declined to be named because bidding processes are confidential.

‘Coal just looks pretty hard,’ the banker added.

Click here to read the full Reuters report.