Anglo American Offloads $1.1 Billion Coal Stake, Proceeds With Restructuring

Anglo American (OTC:AAUKF) has agreed to sell its 33.3% stake in the Jellinbah Group to Zashvin for $1.1 billion. Per the plan laid out earlier this year, the company is focusing on copper, iron ore, and crop nutrients.

The joint venture holds a 70% interest in two major metallurgical coal mines in Queensland: Jellinbah East and Lake Vermont. Anglo did not operate these mines nor market their output.

"We are making excellent progress with our simplification of Anglo American to create an exciting and differentiated investment proposition focused on our world-class copper, premium iron ore, and crop nutrients assets – all future-enabling products," said CEO Duncan Wanblad.

Despite its ...