Colorado-based gold miner Newmont Mining is closer to selling its Queensland
coal assets. There are at least two overseas suitors who are interested in vying
for the undeveloped Felton East/West and Lochbar/Bringalily South tenements in
the Clarence-Moreton Basin, estimated at more than 1.2 billion tonnes of thermal
coal. Newmont, the worlds second-largest gold miner by output is looking at
concluding the deal in the next six months. It is now engaged in advanced talks
with the two potential buyers. Earlier in August 2011, Newmont has appointed ANZ
Group to secure a buyer for its non-core coal assets. Should the sale go
through, it would rake up sales in promising sites but undeveloped coal assets,
which have traditionally been a neglected segment for mine investors. Such
heightened interest in undeveloped coal deposits reflects the rapid thinning of
the ranks of small and mid-cap Australian coal producers, following a rush of
M&A activity in 2011.
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