This has got to be a joke for sure By lvsongshuiJan 31, 2015Main...

This has got to be a joke for sure
By lvsongshuiJan 31, 2015Main Category
Australia’s Linc Energy has begun early talks to acquire Gregory Crinum coking coal complex in Queensland, which is jointly owned by BHP Billiton and Mitsubishi.The talks are considered to be part of BHP’s plans to cut down production costs and close unprofitable assets, the Wall Street Journal reported.In the backdrop of falling coal prices, high mining costs and a strong Australian dollar, BHP Billiton Mitsubishi Alliance (BMA), suspended operations at the mine in October 2012.Responding to the market speculation, Linc Energy reiterated in a statement that it has not made any binding offer or reached any agreement with any entity in relation to a deal.Linc Energy CEO Peter Bond said that the company is currently focused on developing its core business of oil production and the commercialisation of UCG on a global scale."As such, Linc Energy is committed to divesting its coal division, and is actively pursuing a course to achieve this," wear parts grinding mill supplier Bond added.Low coal prices and surging production costs have prompted several mining companies in the region to hydraulic cone crusher stone production 3undertake cost-saving programmes.

http://www.sideavenue.com/energy-begins-mitsubishi-acquire-australian/