Goldman Sachs in talks to sell coal mines
(Minews) - Goldman Sachs Group Inc. is in talks to sell coal mines at a loss, the Wall Street Journal reported citing people familiar with the negotiations. The company got a disconcerting update a year after buying its second coal mine in Colombia: "Certain operational issues have arisen," commodities executives reportedly said.
Any deal would mark the end of the firm's rocky sideline as a producer of raw materials.
The report said sale talks come as the Federal Reserve weighs new restrictions on the ways commercial banks can produce, store and sell raw materials. A Senate panel concluded last fall that such operations are rife with potential conflicts of interest and systemic risks to banks. It expressed concern that banks involved in producing commodities, as opposed to merely trading them, might gain an unfair advantage in the market and possibly manipulate prices.
Publish date : Monday 4 May 2015 17:51
Story Code: 24184
