Glencore agrees to sell coal mine to Gupta's GFG Alliance

Sydney

GLENCORE has agreed to sell one of two Australian coal mines it put up for sale last year to British industrialist Sanjeev Gupta's GFG Alliance for an undisclosed sum, the two companies said separately on Tuesday.

The acquisition follows Mr Gupta's purchase last year of the financially troubled Wyhalla steel works in southern Australia, part of a plan to build an integrated steel business by buying the unwanted assets of other companies.