Glencore has started the sale process for its Rolleston thermal coal mine in Queensland’s Bowen Basin, Australia. 

The buyer and financial details of the sale have not been disclosed. 

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The mine operates under a joint venture (JV) agreement, which includes stakeholders such as Japanese firms Itochu and Sumitomo

The sale is consistent with Glencore’s ongoing strategy to streamline its asset base in order to invest funds in alternate projects. 

In May, the company started the process to sell its Tahmoor underground mine in the NSW Southern Highlands.

Last year, the output from Rolleston mine stood at 13.3mt, which accounted for around 14% of Glencore’s total Australian production of around 93mt. 

"The Rolleston mine is a high-quality asset that offers potential buyers the opportunity to gain a strong foothold in the Australian and Queensland coal industry."

Recently, approvals were secured from the Queensland and Australian governments, resulting in extending the mine life to beyond 2040. 

According to the company, the mine has logistics and transport network in-place, with buyers across Asia.

In the statement, Glencore said: "The Rolleston mine is a high-quality asset that offers potential buyers the opportunity to gain a strong foothold, or significantly increase their current position, in the Australian and Queensland coal industry."

The company operates 17 mines across New South Wales and Queensland.

Sumitomo has interests in four coal JVs in Queensland, while Itochu holds stakes in four coal mines through its subsidiary Itochu Minerals & Energy of Australia.

Last month, Glencore acquired stake in Yancoal Australia’s Hunter Valley Operations (HVO) coal mine for $1.1bn.