LONDON (dpa-AFX) - British miner Anglo American Plc (AAUKY.PK, AAL.L) announced Monday that it has agreed terms for the sale of its 33.3 percent minority interest in joint venture Jellinbah Group Pty Ltd. to its JV partner Zashvin Pty Ltd. for cash proceeds of A$1.6 billion or around $1.1 billion.
The sale is subject to customary regulatory approvals and is expected to complete in the second quarter of 2025.
Jellinbah Group owns a 70 percent interest in the Jellinbah East and Lake Vermont steelmaking coal mines in Australia. Anglo American does not operate the Jellinbah mines, or market any of the production volumes from Jellinbah.
Zashvin already holds a 33.3 percent stake in Jellinbah alongside Anglo American and Marubeni.
Anglo American noted that its 33.3 percent interest in Jellinbah in 2023 contributed $779 million to group revenue and $373 million to underlying EBITDA. In the first half of 2024, the interest contributed $354 million to group revenue and $153 million to underlying EBITDA.
Duncan Wanblad, Chief Executive of Anglo American, said, '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.'
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