Rio Tinto labelled reports it would sell it's Hail Creek and Kestrel mines
Rio Tinto labelled reports it would sell it's Hail Creek and Kestrel mines "purely speculative”. Contributed

Timing could be right for Bowen Basin mine sales

ANGLO American's decision to keep its two Bowen Basin coal mines on the market, is likely to have left companies circling for a new mine to invest into.

Despite the improved timing, Rio Tinto has ruled out selling it's Hail Creek and Kestrel mines.

Last month Fairfax media reported that banks had been asked to advise Rio Tinto on the sale of the two Bowen Basin mines.

But on Thursday a Rio Tinto spokesman ruled out the idea, stating the reports were "purely speculative" and "seem to be based on rumour".

Yet others in the industry pointed out Hail Creek and Kestrel were the only two coal assets Rio Tinto had left in Australia.

Given the companies that had vied for Anglo American's Moranbah North and Grosvenor mines were likely to still be searching for a Bowen Basin asset, the timing could be right for more sales in the region.

Apollo Global Management, which was reported in October last year to be "nearing a deal" to buy the two Anglo mines, is now believed to have made an offer on Westfarmer's Curragh mine.



Toolooa St motel on the market by receivers

Toolooa St motel on the market by receivers

Motel for sale by expressions of interest.

New stores, Kmart expansion part of $10m proposed upgrade

New stores, Kmart expansion part of $10m proposed upgrade

But still no date for centre's major redevelopment.

Your guide to the region's Anzac Day services and marches

Your guide to the region's Anzac Day services and marches

Where and when you can commemorate Anzac Day.

Local Partners