Anglo American has concluded the sale of its 33.3% minority interest in Jellinbah Group, a joint venture that owns a 70% interest in the Jellinbah East and Lake Vermont steelmaking coal mines in Australia.
The diversified group received A$1.4 billion in addition to the A$228 million already received, bringing total cash proceeds to A$1.6 billion ($1.0 billion at current exchange rates).
Anglo American did not operate the Jellinbah Group mines, nor did it market any of the production volumes from the Jellinbah Group mines.
“We are pleased to complete this first step in the divestment of our steelmaking coal portfolio, realising US$1 billion of cash proceeds sooner than expected, further strengthening our balance sheet,” said group chief executive Duncan Wanblad.
“We wish our JV partners, Zashvin and Marubeni, every success for the future of Jellinbah. We have also made good progress towards the completion of the sale of the balance of our steelmaking coal portfolio to Peabody for additional cash consideration of up to $3.8 billion.”
Zashvin was an existing 33.33% shareholder in Jellinbah, alongside Anglo American and Marubeni.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
