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BRIEF-Glencore to sell Australia coal haulage unit for A$1.14 bln

Published 20/10/2016, 05:12 pm
© Reuters.  BRIEF-Glencore to sell Australia coal haulage unit for A$1.14 bln
GLEN
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Oct 20 (Reuters) - Glencore Plc GLEN.L :

* Glencore reaches agreement to sell GRail

* Has reached agreement with Genesee & Wyoming Australia (GWA) to sell its Glencore Rail (GRail) coal haulage business in New South Wales Hunter Valley for A$1.14 billion

* Closure of transaction is subject to FIRB approval.

* Upon completion, GWA will service majority of Glencore's coal haulage requirements in hunter valley via a 20 year contract for haulage of our export coal to port of newcastle

* Grail currently hauls approximately 40 million tonnes per year of Glencore's Hunter Valley coal production to port of Newcastle.

* Sale of GRail business forms another significant part of glencore's debt reduction program. Source text for Eikon: Further company coverage: GLEN.L

(Bengaluru Newsroom: +91 80 6749 1136)

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