Mining and Heavy Industries

Brisbane backflip costs Anglo

Coal. Photo: Shutterstock

The closure and then re-opening of Anglo American’s Brisbane headquarters cost the multinational miner more than $60 million, according to a Fairfax report.

Anglo shut its Brisbane office, letting go many of its staff, and set about selling its Australian coal assets, roughly a year ago.

But after the price of coal rebounded in the latter half of 2016, the miner decided to hold onto its Moranbah North and Grosvenor coking coal mines, and re-open its Brisbane office.

According to a report in the AFR this week, documents submitted to ASIC by the private company detail roughly $60 million in costs associated with the operational backflip.

“As a result of the strategic portfolio reviews undertaking by Anglo American PLC, redundancy and onerous contract provisions of $63.5 million associated with a planned closure of the Brisbane corporate office have been recognised in the financial report,” the Anglo document was quoted by Fairfax.

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