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Report: Vale sells additional Australian coal assets

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Report: Vale sells additional Australian coal assets

Vale SA agreed to sell its stake in the Carborough Downs coal mine as well as several undeveloped adjacent tenements including the Red Hill and Ellensfield coal deposits in Queensland, The Australian Financial Review reported Dec. 12, but did not specify its source.

The buyer, coal billionaire Hans Mende's coal vehicle, Fitzroy Australia Resources, acquired the assets for an undisclosed amount, according to the publication.

The deal also included the Broadlea coal mine, which is under care and maintenance.

Vale will keep three coal assets in Australia, including the Eagle Downs coking coal project that is under construction, the Belvedere coal deposit in Queensland, and an early-stage asset in the Galilee Basin.