Anglo sells 12% stake in Grosvenor for $141m
PERTH (miningweekly.com) – Diversified miner Anglo American on Wednesday announced plans to sell a 12% interest in the Grosvenor mine, in Queensland, to a consortium of Japanese companies for $141-million.
The Japanese consortium already holds a 12% interest in the Moranbah North project, also in Queensland.
The Grosvenor mine uses Moranbah North’s coal processing infrastructure, where numerous debottlenecking, expansion and product blending options offer considerable cost, productivity and margin benefits for the integrated operation.
Anglo American told shareholders that it was seeking to replicate the ownership structure at its Moranbah North operation in order to align the interest of all the owners and to facilitate the delivery of the value creation opportunities.
“The alignment of ownership interests across the Moranbah-Grosvenor operation is an important step forward as we unlock the considerable additional value that we see,” said Anglo American CEO of bulk commodities Seamus French.
“Our ability to expand the plant, debottleneck various processes, and have the flexibility to blend our naturally high quality products more effectively, all support the long-term competitiveness of what is already a world-class asset. I am pleased to be building on the successful relationships with our joint venture partners in delivering Moranbah-Grosvenor’s full potential for the benefit of all our stakeholders.”
Grosvenor has delivered 3.7-million tonnes of metallurgical coal in the year to September, with the project producing some 1.23-million tonnes in the September quarter.
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