Mining group Anglo American on Monday said it had agreed to offload its remaining Australian coal mines for steelmaking to US group Peabody Energy for up to $3.8 billion (R69bn). Photo: Reuters
Mining group Anglo American on Monday said it had agreed to offload its remaining Australian coal mines for steelmaking to US group Peabody Energy for up to $3.8 billion (R69bn).
"The sale of our steelmaking coal business is another important step towards delivering the strategy that we set out in May to create a world class copper, premium iron ore and crop nutrients business," Duncan Wanblad, the CEO of London-listed Anglo American, said in a statement.
Anglo this year announced plans to sell its coal, diamond and platinum businesses after rejecting a $49bn takeover offer from mining rival BHP.
"We are absolutely focused on delivering that strategy and unlocking the associated value as we streamline our cost structures and create a much simpler, more resilient and more agile business that will enable full market value recognition," Wanblad said.
Earlier this month, Anglo agreed to sell its other coal-mining interest - a stake in Australian miner Jellinbah - for $1.1bn.
Peabody CEO Jim Grech said his group looked forward to integrating the other mines into its business.
The deal is expected to close in the third quarter of next year, subject to regulatory approvals.
AFP