American coal billionaire spotted at QLD coal mine

Chris Cline, a US billionaire with a long history in coal, has been spotted touring Anglo American’s Moranbah coal mine.

He was seen on the divestment ready coal mine on Monday, according to Fairfax Media.

Anglo American has looked to divest its Australian coal assets since February, citing the long term challenging coal market as the driver behind labelling the mines as non-core.

“We’ve deemed all the coal assets in Australia as non-core,” Anglo American CEO Mark Cutifani said in a video released by the company, “and have processes across all of those assets.”

“Disposals processes are underway in the Moranbah and Grosvenor coal assets.”

To date it has sold off its Callide, Dartbrook, and Foxleigh coal mines.

Cline joins other rumoured interested parties, such as BMA and private equity firm Apollo Global Management, which is working with US coal company Xcoal Energy and Resources.

Cline has a long history in longwall mining operations, and is the former majority owner of Foresight Reserves, which he exited in early 2015 for a US$1.4 billion price tag.

According to market rumours, he may work with the aforementioned Apollo consortium to purchase and operate the mine.

 

 

 

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