Glencore PLC Glencore reaches agreement to sell GRail (0276N)
October 20 2016 - 1:00AM
UK Regulatory
TIDMGLEN
RNS Number : 0276N
Glencore PLC
20 October 2016
Glencore plc
Baar / Sydney
20 October, 2016
Glencore reaches agreement to sell GRail coal haulage
business
Glencore has reached agreement with Genesee & Wyoming
Australia (GWA) to sell its Glencore Rail (GRail) coal haulage
business in the New South Wales Hunter Valley for A$1.14 billion.
The closure of the transaction is subject to FIRB approval.
Peter Freyberg, Head of Glencore's Global Coal Assets, said: "We
established GRail in 2010 and have steadily grown it to become the
third largest coal haulage business in the country. It has played a
very important role in reducing costs and improving the overall
efficiency of Australia's largest coal chain in the Hunter Valley.
We are very pleased with the outcome of the sale process and look
forward to continuing our constructive working relationship with
Genesee & Wyoming in the years ahead."
Upon completion, GWA will service the majority of Glencore's
coal haulage requirements in the Hunter Valley via a 20 year
contract for the haulage of our export coal to the Port of
Newcastle.
GRail currently hauls approximately 40 million tonnes per year
of Glencore's Hunter Valley coal production to the Port of
Newcastle.
The sale of the GRail business forms another significant part of
Glencore's debt reduction program.
For further information please contact:
Investors
Martin Fewings t: +41 41 m: +41 79 martin.fewings@glencore.com
709 28 80 737 56 42
Carlos-Francisco t: +41 41 m: +41 79 carlos.fernandez@glencore.com
Fernandez 709 23 69 129 91 95
Media
Charles t: +41 41 m: +41 79 charles.watenphul@glencore.com
Watenphul 709 24 62 904 33 20
Pam Bell t: +44 20 m: +44 77 pam.bell@glencore.co.uk
7412 3471 3031 9806
Media (Australia)
Francis m: +61 (0) 417 074 751 francis.de.rosa@glencore.com
De Rosa
Allyn Hamonet m: +61 (0) 478 228 075 allyn.hamonet@glencore.com.au
www.glencore.com
Notes for Editors
About Glencore
Glencore is one of the world's largest global diversified
natural resource companies and a major producer and marketer of
more than 90 commodities. The Group's operations comprise around
150 mining and metallurgical sites, oil production assets and
agricultural facilities.
With a strong footprint in both established and emerging regions
for natural resources, Glencore's industrial and marketing
activities are supported by a global network of more than 90
offices located in over 50 countries.
Glencore's customers are industrial consumers, such as those in
the automotive, steel, power generation, oil and food processing.
We also provide financing, logistics and other services to
producers and consumers of commodities. Glencore's companies employ
around 160,000 people, including contractors.
Glencore is proud to be a member of the Voluntary Principles on
Security and Human Rights and the International Council on Mining
and Metals. We are an active participant in the Extractive
Industries Transparency Initiative.
For more information, visit www.glencore.com.au
About Glencore's coal business in Australia
Glencore is one of Australia's largest coal producers with 12
mining complexes - including 16 operational mines - across New
South Wales and Queensland.
We employ about 7,650 Australians and in 2015 managed the
production of more than 92 million tonnes of thermal and coking
coal, predominantly for export.
We have a strong safety and environmental performance and play
an active role in the development of low emission coal
technology.
For more information, visit www.glencore.com.au
www.facebook.com/Glencore
www.flickr.com/photos/glencore
www.instagram.com/glencoreplc
www.linkedin.com/company/8518
www.slideshare.net/glencore
twitter.com/glencore
www.youtube.com/glencorevideos
This information is provided by RNS
The company news service from the London Stock Exchange
END
AGRAKKDQPBDKBKB
(END) Dow Jones Newswires
October 20, 2016 02:00 ET (06:00 GMT)
Glencore (LSE:GLEN)
Historical Stock Chart
From Apr 2024 to May 2024
Glencore (LSE:GLEN)
Historical Stock Chart
From May 2023 to May 2024