* Australian mine yields around 13 mln/t a year
* Sale process comes amid Glencore global business review (Adds analyst quote, details)
SYDNEY, Aug 28 (Reuters) - Miner Glencore PLC GLEN.L said on Monday it has kicked off a bid to sell its Rolleston thermal coal mine in Australia, together with its joint venture partners, Japanese trading houses Itochu Corp 8001.T and Sumitomo Corp 8053.T .
The plan to sell a mine that accounted for more than a tenth of Glencore's coal output in Australia last year comes as the Swiss-based firm undergoes a global review of its business with an eye on divestments as it seeks to extend profit gains while paying off debt. decision is part of Glencore's ongoing programme to optimise its portfolio and redeploy capital into other opportunities," Glencore said in a statement. It didn't say how much it hoped to raise in the sale of a mine it has come to regard as something of a geographically stranded asset.
Glencore owns 75 percent of the Rolleston mine, with its Japanese partners each holding 12.5 percent.
Rolleston produced 13.3 million tonnes of coal in 2016, more than 10 percent of Glencore's Australian managed coal production of about 93 million tonnes.
But it is located in Australia's Bowen Basin in Queensland state, a long distance from other Glencore mines in neighbouring New South Wales state. That makes the blending of Rolleston coal with supply from other mines to meet individual customer requirements an uneconomic process.
The proposed sale of the mine comes as Glencore lifts its ownership of other coal mines in Australia, most recently in partnership with China-backed Yancoal Australia YAL.AX .
Executives involved in mining finance said a favourable longer-term industry view of Asian demand for thermal coal, used in power generation, could attract interest in Rolleston. The executives declined to be identified because they weren't authorised to speak to media.
Analysts concurred. "Thermal coal prices in excess of $100 a tonne on the back of strong demand from the Asian market has seen the industry gain momentum," said CLSA mining analyst Andrew Driscoll.
Merrill Lynch has been appointed as sole financial adviser on any deal, Glencore said.