“We are not making a public statement on these reports,” A Glencore spokesman said.

According to Dow Jones Newswires, the Japanese companies have hired advisers to sell their combined 45% stake across the two mines plus their access interests in an Abbot Point coal terminal berth.

“JP Morgan is advising Itochu on the sale of its 35% stake, while Rothschild is seeking a buyer for Sumitomo’s 10% interest,” the newswire reported, attributing people “familiar with the matter”.

The Japanese firms are reportedly looking to close a deal before the end of this year.

Both coal mines have weathered impacts from the coal market downturn over the past year.

“At Newlands, the companies plan to stop underground mining next year, a move that would reduce annual production by 2.5 million tonnes,” the newswire said.

“To save costs, Glencore last year scrapped a contract with a unit of Leighton Holdings Ltd, which had been running the Collinsville mine on its behalf.”