BHP Billiton Group and joint venture partner Mitsubishi Corp. are preparing to initiate a formal auction for their Gregory Crinum coal complex in Queensland, Australia, The Australian Financial Review's Street Talk blog reported Aug. 2.
Interested parties are set to participate in the auction for the asset which has not produced coal since November 2015.
According to the report, BHP is keen to manage the sale in-house, without involving the investment banking advisers, while it remains unclear whether Mitsubishi is taking external advice.
The Gregory Crinum project is expected to attract a much lower sale price than Anglo American Plc's Moranbah North and Grosvenor coal mines, also in Queensland, which Anglo decided in the end not to see.
BHP Billiton and Mitsubishi hold interests in Gregory Crinum on a 50/50 basis.