Australian mining giant BHP said Monday it had reached a deal to sell its stake in a vast Colombian coal mine that is one of Latin America's largest.

The Melbourne-headquartered firm said it had agreed to sell its 33.3 percent stake in the Cerrejon facility to project partner Glencore.

BHP said the deal was worth US$294 million and indicated that Glencore was also interested in buying Anglo American's stake in the project, which has been beset by labour strikes.

The mine produces thermal coal -- an increasingly undesirable commodity as countries and companies look to shift toward cleaner fuels for electricity generation.

BHP has slashed the estimated value of its coal assets and is trying to unload them as it focuses on other commodities.

arb/dm/oho

ANGLO AMERICAN

Glencore

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