Anglo American continues coal divestments
PERTH (miningweekly.com) – Diversified major Anglo American on Monday announced it would divest of its 70% interest in the Foxleigh metallurgical coal mine, in Queensland.
The company has entered into a sale and purchase agreement with a consortium led by Taurus Fund Management. The transaction would be effected through a share sale in Anglo American subsidiaries, which hold the Foxleigh mine.
While the terms of the transaction remained confidential, Anglo American noted that the transaction was subject to a number of conditions precedent.
Anglo American in 2007 spent $620-million to acquire a 70% interest in the Foxleigh opencut mine, which delivered 1.86-million tonnes of saleble production to Anglo American’s bottom line in 2015.
Korean steel company Posco and the Japanese trading and mining investment company Itochu hold the remaining 20% and 10% interests respectively.
The divestment of the Foxleigh mine comes after Anglo American earlier announced it would narrow its focus to diamonds, platinum and copper assets, with the miner pointing out that it would also dispose of its Moranbah and Grosvenor metallurgical coal projects in Australia.
Anglo American in January entered into a sales agreement for its Callide thermal coal mine, also in Queensland, selling the asset to Batchfire Resources. It also sold its Dartbrook coal mine, in New South Wales, to Australian Pacific Coal, in December last year, in a deal valued at A$50-million. Anglo said in February that it was assessing its options for Drayton and Drayton South, which had failed to win expansion approval.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...
VISIT SHOWROOM
Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
