Glencore rumoured to be Anglo coal mine buyer

Glencore has reportedly made a joint bid with Apollo to buy Anglo American’s Grosvenor and Moranbah coal mines.

It comes just days after US billionaire Chris Cline was spotted touring Anglo American’s Moranbah coal mine, joining other rumoured interested parties such as BMA, X2 Resources, Glencore, private equity firm Apollo Group, and XCoal Energy.

According to market rumours, published on The Australian, Glencore is partnering with Apollo Group (who is rumoured to also be making a joint bid with Cline and XCoal) to make a $1 billion offer for both Grosvenor and Moranbah.

Glencore declined to comment on market speculation.

The mines have been on the table since February this year, when the miner made the decision to withdraw completely from its Australian operations in an effort to stem its continuing losses.