Need money to pay off debt? Sell your trains

Swiss-based mining and trading giant Glencore Plc. said it wants to sell its coal trains in Australia in hopes it will be able to raise A$1.5 billion to cut its debt at a time when the commodities market is going through a low.

Glencore has said it wants to cut its debt by around $8 billion in a poor commodities market, which is expected to not turn around quickly.

Glencore’s GRail owns nine trains and hauls most of its 51 million tonnes of coal annually in Hunter Valley to the port of Newcastle on the east coast, Reuters reported on its website, adding that the mining major hope to close a deal by September.

Leave a Reply

Your email address will not be published.