Anglo American sells Australian coal mines

Anglo American plc>>> has agreed to sell its Australian steelmaking coal mines to Dhilmar>>> for up to $3.88 billion, comprising an upfront cash payment of $2.3 billion and up to $1.58 billion in performance-linked payments. This deal, expected to close by the first quarter of 2027, is a crucial part of Anglo American plc>>>'s strategy to simplify its operations and reduce debt before its $50 billion merger with Teck Resources>>>. The sale marks Anglo American plc>>>'s complete exit from the steelmaking coal sector, allowing it to focus on higher-value commodities like copper. This transaction follows a previous collapsed deal with Peabody Energy>>>, which withdrew its $3.78 billion bid after a fire at the Moranbah North Mine>>>. Anglo American plc>>> is currently pursuing arbitration against Peabody Energy>>> for the termination. Dhilmar>>>, a private UK-based miner, has been actively expanding its portfolio, including the acquisition of the Éléonore Mine>>> from Newmont>>> last year.