UPDATE 1-Vale sells another coal mine in Australia

miércoles 26 de agosto de 2015 23:03 GYT

* Vale sells another Australian coal mine

* Part of focus on divesting non-core holdings

* Buyers are Glencore, Bloomfield (Adds comment, details, SYDNEY dateline)

RIO DE JANEIRO/SYDNEY, Aug 26 (Reuters) - Brazilian mining giant Vale has continued its disposal of non-core holdings, agreeing to sell a mothballed coal mine in Australia jointly to Glencore Plc and Bloomfield Group for an undisclosed sum.

The mine, called Integra, has been in care and maintenance since July 2014, when Vale said low coal prices meant keeping it open was no longer sustainable. It is the second coal mine Vale has sold this month, as it pursues a strategy to divest non-core assets.

Vale in July sold another coal mine in Australia to a local operator for A$1 amid a sector downturn that has claimed thousands of jobs and billions of dollars in losses.

The Integra colliery neighbours separate coal assets owned by Bloomfield and Glencore. It produced about 4.5 million tonnes of coal per year from both its underground and open cut mine before it was shut.

Prices for coking coal used in steel making have fallen from $300 a tonne in 2011 to around $85, reflecting a global supply glut and a slowdown in steel production growth in China, a key destination for Australian coal.

Vale has been looking to get out of the Integra mine since 2012. At the time it was seen worth around $500 million, although such heady valuations may no longer apply, say analysts.   Continuación...