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Bloomberg
Liberty House Group, fresh off a deal for Australian steel mill Arrium Ltd., is among bidders for a Glencore Plc coal mine that could fetch as much as A$500 million ($380 million), people with knowledge of matter said.
Liberty House’s GFG Alliance joint venture submitted an indicative offer for the Tahmoor mine by the deadline last month, according to the people, who asked not to be identified because the information is private. It is among parties invited by Glencore to evaluate detailed information on the underground metallurgical coal mine ahead of second-round bids, people said.
GFG Alliance, led by Sanjeev Gupta, plans to study using output from Tahmoor to feed its newly acquired steel plant in South Australia state, one of the people said. The venture last week agreed to buy the assets of Arrium out of administration, including the Whyalla steel works, port and rail infrastructure as well as shuttered iron ore mines. GFG Alliance said in February it will buy Tata Steel Ltd.’s specialty steels business in the UK for about $130 million.
While Glencore had been selling assets to fix its balance sheet after a commodity price rout, more recently it switched back to acquisitions through an agreement in February to boost ownership of two Congolese cobalt and copper mines.