Mining giant Anglo American has decided to spin off its Queensland coal mines, following the rejection of a takeover bid from rival BHP. The company asserts that there is significant interest from potential buyers. However, amidst these developments, the Mining and Energy Union is seeking assurances to protect the workers and the communities affected by these operations. State Political Reporter Kate McKenna will provide more details on the situation.
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00:00 Spinning a sell-off.
00:04 To unlock the true potential of this company, we do need profound change.
00:09 In a video message, the head of Anglo-American sets out plans to overhaul the business, including selling its Queensland coal mines.
00:17 Proceeds of that will be used to reset Anglo-American's balance sheet.
00:21 The mining giant owns five steelmaking coal mines in the Bowen Basin, employing thousands of workers.
00:28 It says there's strong buyer interest, but the union wants assurances for workers.
00:33 A little bit of concern around job security. What's it mean to them?
00:36 For us it's more than just mining leases that are being sold.
00:39 You know, these mines have over 600 houses associated with them, community infrastructure, social infrastructure, water supply.
00:48 Those in the industry say coal mine sales aren't new. BHP also sold off some of its mines in recent times.
00:56 In a statement, Queensland's resources minister warned Anglo-American and any potential buyer
01:02 must ensure the workers and the communities these mines operate in are prioritised, and have already said that to them.
01:09 Adding there is a strong future for steelmaking coal.
01:12 There's no doubt that there will be buyers that want to buy Anglo's coal mines, but again, you know, simply for us it's about protecting our members.
01:21 This is a big deal for us to have these assets put up for sale.
01:25 Anglo-American announced the plans after rebuffing a multi-billion dollar takeover bid from rival BHP.
01:32 Instead of coal, it wants to focus on copper, iron ore and crop nutrients.
01:37 For more UN videos visit: www.un.org/webcast