MEU seeks update after surprise Anglo sale news

The Mining and Energy Union is seeking urgent briefings after Anglo American’s bombshell announcement that it is selling its Queensland coal mines. The MEU said ensuring workers’ ongoing job security would be the top priority. Anglo American yesterday revealed plans to shed its steelmaking coal mines as part of a wider strategy ‘to unlock value’ as it faced down a $64 billion takeover proposal from BHP. It owns the Moranbah North, Grosvenor, and Aquila underground mines, as well as the Capcoal and Dawson open-cut sites in the Bowen Basin. Related: Anglo selling off coal interests in radical shake-up The company, which holds the position of third largest export steelmaking coal producer in the world, said it was already responding to strong buyer interest in its coal assets. MEU Queensland president Mitch Hughes (pictured left) said news of the divestment plans had come as a surprise and would result in uncertainty for workers. “We will be seeking urgent briefings with the company to understand what the process will be from here,” Mr Hughes said. “Our priority will be protecting our members’ ongoing job security through the sale process, along with ensuring entitlements are protected and the mines operate safely. “Anglo’s Queensland coal mines produce some of the best coal in the world and we are confident there will be strong demand for these assets.” Isaac Regional Council Mayor Kelly Vea Vea (pictured right) said there was no doubt that workers, families, and businesses across Isaac communities would be unnerved by Anglo’s news. "The impacts cannot be understated, as four of their five steelmaking coal mines in Queensland are serviced by Moranbah and Middlemount," she said. "This is more than the sale of mining leases. There are over 600 homes, community infrastructure such as water supply and social services like childcare and health intertwined with these assets. "For us in the Isaac region, we will be looking to the State Government to ensure the responsible management of this transfer considers not only the mining leases but the spiderweb of community and social infrastructure that are attached to these mines." Steady stream of assets changing hands Major transactions in the sector recently have included Whitehaven Coal's acquisition of the Blackwater and Daunia metallurgical coal mines from BMA, effectively doubling the size of its business. Stanmore Resources last month sealed a deal to take Chinese group Aquila’s stake in the shovel-ready Eagle Downs metallurgical coal project and nearby tenements for about $65 million plus royalties. This secured 100 per cent ownership of the Eagle Downs and Eagle Downs South projects after a previous deal for South32's stake. And in December, it took full ownership of the Millennium and Mavis Downs mines by acquiring M Resources’ 50 per cent stake in the MetRes joint venture. This followed a major move on the BHP Mitsui Coal assets in the Bowen Basin, including the South Walker Creek and Poitrel mines. After a $1.8 billion deal to acquire mining giant BHP’s 80 per cent stake in the group, Stanmore took out the remaining share through a $535 million deal with Mitsui in 2022. Bowen Coking Coal has also been in the acquisition game in recent years. In 2022, it secured 100 per cent of shares in New Lenton Coal (holding a 90 per cent interest in the Lenton Joint Venture) to take control of the Burton complex. You may also like: https://industryqld.com.au/stanmore-secures-full-control-of-eagle-downs

MEU seeks update after surprise Anglo sale news

Industry Queensland

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