LONDON (dpa-AFX) - Anglo American PLC (AAUKY.PK) Monday said it has agreed to sell its remaining steelmaking coal business to Peabody Energy for up to $3.775 billion.
This cash consideration includes an upfront payment of $2.05 billion at close, and $725 million in four installments starting from one year after the closing the deal. Anglo American is also entitled to get up to $1 billion, depending on certain favorable events in the future.
The company is selling four steelmaking coal mines- Moranbah North, Grosvenor, Aquila, and Capcoal, located in Australia. It had already announced the sale of its 33.3 percent stake in Jellinbah Group Pty Ltd, a provider of coal mining services, for about $1.1 billion.
'In steelmaking coal, through a combination of today's announced Transaction and our previously announced agreement to sell our interest in Jellinbah, we stand to unlock up to US$4.9 billion of value, reflecting the high quality of the assets and adding to our balance sheet resilience,' said Duncan Wanblad, Chief Executive of Anglo American.
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