Dec 09, 2020

Stake in Rolleston coal operation up for grabs

Stake in Rolleston coal operation up for grabs

Receivers have been appointed over the 12.5 per cent stake in the Rolleston open-cut coal operations held by ICRA Rolleston.

Glencore is the majority owner of the mine, 140km southeast of Emerald, with a 75 per cent share.

A Glencore spokesman said today it would be a case of ‘business as usual’ at the thermal coal site despite the development.

McGrathNicol Restructuring said Jason Preston, Keith Crawford and Jamie Harris were appointed as receivers over ICRA’s interest in the project.

The receivers intend to immediately commence a sale process for the joint venture interest.

McGrathNicol Restructuring said the asset would be advertised for sale and a formal sale campaign commence in the coming days.

The other joint venture partner, along with Glencore, is Sumisho Coal Australia, with a 12.5 per cent stake.