UK-based mining giant Anglo American has announced that it has signed an agreement with Australia-based Zashvin Pty Limited for the sale of its 33.3 percent interest in Australia-based Jellinbah Group, which owns a 70 percent interest in the Jellinbah East and Lake Vermont coal mines, to Zashvin for cash proceeds of A$1.6 billion. Jellinbah Group is a joint venture between Anglo American, Japan-based trade company Marubeni and Zashvin.
The agreement is based on the fact that Anglo American does not operate the Jellinbah mines, nor does it market any of the production volumes from the mines. The sale, which is subject to customary regulatory approvals, is expected to be completed in the second quarter of 2025.
“Our process to sell the rest of our steelmaking coal business - being the portfolio of steelmaking coal mines that we operate in Australia - is now at an advanced stage and we are on track to agree terms in the coming months,” Duncan Wanblad, chief executive of Anglo American, said.