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Anglo American Offloads Jellinbah Coal Mines Stake For $1.1bn

2024-11-04 17:03

Anglo American PLC (LSE:AAL) has announced the sale of its minority stake in the Jellinbah East and Lake Vermont steelmaking coal mines for US$1.1 billion (£0.85 billion).

Joint venture partner Zashvin will buy Anglo’s 33.3% stake in Jellinbah Group, which owns the Australian mines, a statement said on Monday.

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“The cash proceeds [...] reflect the exceptional quality of the Jellinbah business,” Anglo chief executive Duncan Wanblad commented.

“Our process to sell the rest of our steelmaking coal business - being the portfolio of steelmaking coal mines that we operate in Australia - is now at an advanced stage and we are on track to agree terms in the coming months.”

Anglo’s interest in Jellinbah contributed US$779 million to group revenue in 2023, alongside US$373 million in underlying pre-tax earnings, the company noted.

Wanblad added Anglo was making “excellent progress” to simplify and focus on copper, iron ore and crop nutrient assets.

“This highly cash generative and much higher margin portfolio will offer greater resilience through cycles and the benefit of significant-high quality and well-sequenced growth options,” he said.

The sale is expected to complete in the second quarter of 2025 and remains subject to customary regulatory approvals, Anglo added.

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