BHP Billiton cancels sale of Gregory Crinum coal mine in Queensland


July 31, 2013 16:49:00

BHP Billiton has cancelled the sale of its Gregory Crinum joint venture near Emerald in central Queensland after it could not find a buyer.

The company closed the loss-making Gregory open-cut mine at the site last year as coal prices plunged, but the Crinum underground mine remains open.

BHP said in February it was considering selling the complex, which it owns with partner Mitsubishi.

But now the company says retaining the asset is the best option for shareholders.

“This decision is a result of a strategic review of the mine, including investigation of potential divestment,” BHP said in a statement.

“The review concluded that shareholder value is maximised by retaining the asset within the BMA portfolio.

“Recent operational improvements at the Crinum underground mine support the company’s decision to continue to operate the site.”


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