Anglo to sell Aussie metallurgical coal stake for A$1.6bn

ANGLO American finally has runs on the board in its far-reaching restructuring strategy announcing on Monday the sale of a 33.3% stake in Jellinbah Group, a joint venture which has a 70% stake in two metallurgical coal mines in Australia.The mines – Jellinbah East and Lake Vermont – will be sold for A$1.6bn (US$1.06bn) to Zashvin Ltd, a 33.3% shareholder in Jellinbah Group. The mines contributed $153m to group Ebitda in the first half of Anglo American’s 2024 financial year.The transaction represents Anglo’s first step in a proposal announced in May to sell its metallurgical coal, platinum and diamond interests.Anglo CEO Duncan Wanblad said progress had been made in selling the balance of his company’s metallurgical coal mines saying it was “now at an advanced stage and we are on track to agree terms in the coming months”.The sale is subject to customary regulatory approvals and is expected to complete in the second quarter of 2025, Anglo American said.Anglo does not operate the Jellinbah East or Lake Vermont mines, nor market coal from either of the operations, the group said in its announcement.Wanblad said in September the company was in “round two” regarding the sale of the metallurgical coal mines. This was despite a fire that damaged Grosvenor leading to its suspension on June 30 following a gas ignition.Grosvenor was “looking good,” said Wanblad at the time. “From what the guys can see, given the access we have, the orebody is intact and the damage is not as extensive as might have been feared given the size of the fire.”“We are now in round two and we have a handful of selected tenders that will take us through to the end,” he said Wanblad. “So I hope with a fair wind in commodity prices we will get to a signing by the end of this year or early next year.” The post Anglo to sell Aussie metallurgical coal stake for A$1.6bn appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com