LONDON (dpa-AFX) - Miner Anglo American Plc (AAUKY.PK, AAL.L) announced Wednesday that it has completed the sale of its 33.3% minority interest in Jellinbah Group Pty Ltd., a joint venture that owns a 70% interest in the Jellinbah East and Lake Vermont steelmaking coal mines in Australia, to Zashvin Pty Ltd.
Under the deal terms, Anglo American has received A$1.4 billion in addition to the A$228 million already received. The total cash proceeds were A$1.6 billion or around $1.0 billion.
The sale agreement was announced in early November last year, and the completion of the deal was originally expected in the second quarter of 2025.
Zashvin was an existing 33.33% shareholder in Jellinbah, alongside Anglo American and Marubeni. Anglo American noted that it did not operate the Jellinbah Group mines, and did not market any of its production volumes.
Duncan Wanblad, Chief Executive of Anglo American, said: 'We are pleased to complete this first step in the divestment of our steelmaking coal portfolio, realising US$1 billion of cash proceeds sooner than expected, further strengthening our balance sheet. ...We have also made good progress towards the completion of the sale of the balance of our steelmaking coal portfolio to Peabody for additional cash consideration of up to US$3.8 billion.'
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