Glencore looking to sell Australian coal train unit

Mining and trading giant Glencore is looking to spin off its Australian coal train unit, which transports 40 million tons of coal annually, in an effort to reduce its debt. The Swiss-based entity expects to fetch as much as USD 1.1 billion from the potential sale.

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Hard-pressed mining and commodities giant Glencore announced Thursday that it has put its Australian coal train business up for sale in an effort to slash its net debt, reports Australian Financial Review.

The Swiss-based company hopes to raise as much as USD 1.1 billion in competitive interest for the sale of the train business, GRail, which operates out of the Hunter Valley in Eastern Australia where Glencore has seven mining complexes. The trains haul the majority of the coal produced by Glencore in the region, amounting to 51, 000 tonnes last year, to the port of Newcastle for wider distribution.

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