Anglo American completes US$577 million sale of coal assets in Australia

Thursday, 23 December 2010 16:53:40 (GMT+2)

UK-based diversified miner Anglo American plc has announced that it has completed the sale of its interests in five undeveloped coal assets in Australia to a consortium composed of Korea Electric Power Corporation, South Korean steelmaker POSCO and Australian coal company Cockatoo Coal Limited, for cash proceeds of AU$577 million (approximately US$577 million).

As SteelOrbis previously reported, Anglo American announced the sale of the five predominantly thermal coal assets on July 5, 2010. The assets comprise two wholly-owned underground coal deposits in New South Wales, namely Bylong and Sutton Forest, and Anglo American's share in three open cut coal deposits in Queensland, namely Collingwood, Ownaview and Taroom, all of which are held 51 percent by Anglo American and 49 percent by Mitsui. The assets have total estimated resources of 843 million mt.