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Australian fund buys Anglo’s stake in Queensland’s Foxleigh mine

29th August 2016

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

  

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JOHANNESBURG (miningweekly.com) – Mining giant Anglo American has completed the sale of its 70% interest in the Foxleigh metallurgical coal mine, in Queensland, to a consortium led by Australian fund manager Taurus Fund Management.

The mining group entered into a sale and purchase agreement with the Taurus Fund Management-led consortium in April this year. The terms of the transaction were confidential.

The disposal of the Foxleigh mine, south-west of Middlemount, forms part of Anglo American’s wider plan to raise between $3-billion and $4-billion from asset sales to repay its debt and to refocus the group as a diamond, platinum and copper miner.

Anglo’s attributable share of Foxleigh’s saleable production was 1.8-million tonnes in 2015.

Anglo spent $620-million in 2007 to acquire 70% of the Foxleigh opencast mine, in which Korean steel company Posco and Japanese trading and mining investment company Itochu hold the remaining 20% and 10% interests respectively.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

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