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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.
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.