An Asia-backed resources company decided to exit a coal operation in Queensland’s Central Highlands region.
Japan-headquartered Idemitsu Australia recently approved selling its 85 per cent stake in Ensham Coal Mine at Comet, 258km west of Rockhampton.
The proponent has already appointed KPMG financial advisors to handle the disposal process, which is widely reported to fetch about $500 million.
News Limited predicts potential buyers might include Stanmore Coal, US-headquartered Peabody Energy Australia as well as Indonesia-backed BUMA Australia and Adaro Mining.
The existing open-cut and underground operation employs about 600 people, and produces about 5.3M tonnes of coal a year. Final product is either transported to Gladstone Power Station for domestic electricity generation, or exported overseas via the Port of Gladstone.
Bowen Investment Australia owns the remaining 15 per cent stake.
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