Mining company Glencore is to sell the shares in its subsidiary Abbot Point BulkCoal Pty Ltd (APB) to the Adani Group.
Adani acquired the Abbot Point Terminal on a 99-year lease from the Queensland Government in 2011 and has since invested more than A$1.8bn (US$13.6m). APB has since had an operations and maintenance agreement with Adani to operate the terminal.
Under the share sale deal, Adani’s Abbot Point Operations Pty Ltd (APO) will take over APB, albeit APB will continue to operate and maintain the terminal.
Glencore says the ownership transfer will not impact on the day-to-day operations of the terminal and Glencore will continue supplying coal for export to Abbot Point from its open cut coal mines at Newlands and Collinsville. Completion of the sale is subject to receipt of regulatory approvals.
