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h1, h2, h3, .tt-title-text{ margin-top: 0px !important; margin-bottom: 0px !important; } } #fkgUBk { display: none; } </style> <meta name="twitter:card" content="summary_large_image" /> <meta name="twitter:description" content="British miner AngloAmerican has sold its Australian coal mines to Peabody, the US energy firm, for up to $3.8 billion" /> <meta name="twitter:title" content="Anglo Sells Australian Coal Mines to Peabody in $3.8bn Deal" /> <meta name="twitter:site" content="@ATFinancial_" /> <meta name="twitter:image" content="https://www.asiafinancial.com/wp-content/uploads/2024/11/Peabody-listed-on-NYSE-Rtrs.jpg" /><script type="application/ld+json">{ "@context": "http:\/\/schema.org", "@type": "newsarticle", "inLanguage": "en", "url": "https:\/\/www.asiafinancial.com", "articleBody": " \r\n\r\nBritish mining giant Anglo American announced on Monday that it will sell its remaining Australian mines producing coal for steelmaking to Peabody Energy.\r\n\r\nThe deal, priced at up to $3.78 billion in cash, is the first major disposal in a major restructuring plan.\r\n\r\nThe London-listed miner is reshaping its business to focus on copper after fending off a <strong><a href="https:\/\/www.bhp.com\/investors\/bhp-anglo-american">$49-billion takeover bid from larger rival BHP<\/a><\/strong> in May, betting on disposals to increase value and ward off unwanted suitors.\u00a0Anglo's share price was up 2.4% by 0829 GMT.\r\n\r\n \r\n<h3>ALSO SEE:\u00a0<a href="https:\/\/www.asiafinancial.com\/china-expands-visa-free-entry-to-nine-more-countries-ap">China Expands Visa-Free Entry to Nine More Countries \u2013 AP<\/a><\/h3>\r\n \r\n\r\nPeabody's deal comprises an upfront payment of $2.05 billion at completion, deferred cash consideration of $725 million and the potential for up to $550 million.\r\n\r\nIt also includes a contingent cash consideration of $450 million linked to the reopening of the Grosvenor mine after a fire broke out there in June, Anglo American said in a statement.\r\n\r\nPortfolio manager Ben Cleary at <strong><a href="https:\/\/tribecaip.com">Tribeca Investment Partners<\/a><\/strong>, whose firm counts Anglo as its largest holding, said that the miner received a "good price".\r\n\r\n"A decent amount of cash and the deferred element seems sensible," he added.\r\n\r\nPeabody will buy Moranbah North, Grosvenor, Aquila, and Capcoal located in Australia's Bowen Basin.\r\n\r\nMeanwhile, Anglo's Dawson mine will be sold on for $455 million to a unit of Indonesia's Delta Dunia Group, which runs the BUMA coal mining services business, in a back-to-back transaction, Peabody said.\r\n\r\nThe agreement comes just days before a six-month freeze on another approach by BHP expires on Friday under UK takeover regulations, after Anglo rebuffed BHP three times.\r\n\r\nAnglo had already offloaded a minority stake in a joint venture that owns the Jellinbah East and Lake Vermont steelmaking coal mines in Australia, for $1.1 billion.\r\n\r\n \r\n<h2>'Under-performing assets'<\/h2>\r\nAnglo's plan to restructure also includes shedding underperforming platinum, nickel and diamond assets to focus on copper, a metal key for the clean energy transition and the rapid expansion of artificial intelligence, iron ore and crop nutrients.\r\n\r\n"We see potential for a material re-rating in the medium-term as Anglo delivers on its restructuring plan, leaving a simplified portfolio with a 60% exposure to copper," Marina Calero, an analyst at RBC Capital Markets, said.\r\n\r\n"A renewed approach from BHP cannot be ruled out, with the end November deadline soon approaching," she added.\r\n\r\nAfter coal, Anglo is expected to spin out its Anglo American Platinum unit in South Africa by mid-2025. CEO Duncan Wanblad also said it expects diamond giant De Beers to follow, as the group works towards separation of that business.\r\n\r\n"We are well progressed with the delivery of $1 billion of cost savings," he said in a press release.\r\n\r\n \r\n<ul>\r\n \t<li>Reuters with additional editing by Jim Pollard<\/li>\r\n<\/ul>\r\n \r\n<h3>ALSO SEE:<\/h3>\r\n<h4 class="reports-big-head"><a href="https:\/\/www.asiafinancial.com\/cop29-finance-deal-aims-for-250bn-from-wealthy-nations">COP29 Finance Deal Aims For $250bn From Wealthy Nations<\/a><\/h4>\r\n<h4><a href="https:\/\/www.asiafinancial.com\/cop29-over-30-countries-vow-to-fight-methane-waste-emissions">COP29: Over 30 Countries Vow to Fight Methane Waste Emissions<\/a><\/h4>\r\n<h4><a href="https:\/\/www.asiafinancial.com\/cop29-carbon-markets-deal-faces-credibility-test">COP29 Carbon Markets Deal Faces Credibility Test<\/a><\/h4>\r\n<h4><a href="https:\/\/www.asiafinancial.com\/funding-gap-hurts-climate-talks-while-world-faces-3-1c-warming">Funding Gap Hurts Climate Talks While World Faces 3.1C Warming<\/a><\/h4>\r\n<h4 class="reports-big-head"><a href="https:\/\/www.asiafinancial.com\/climate-change-has-cost-china-32-billion-in-just-one-quarter">Climate Change Has Cost China $32 Billion in Just One Quarter<\/a><\/h4>\r\n<h4><a href="https:\/\/www.asiafinancial.com\/scientists-fear-natures-carbon-sinks-are-failing-guardian" target="_blank" rel="noopener">Scientists Fear Nature\u2019s Carbon Sinks Are Failing \u2013 Guardian<\/a><\/h4>\r\n<h4><a href="https:\/\/www.asiafinancial.com\/floods-drought-climate-change-worsening-global-water-woes" target="_blank" rel="noopener">Floods or Drought: Climate Change Worsens Global Water Woes<\/a><\/h4>\r\n<h4><a href="https:\/\/www.asiafinancial.com\/climate-change-fuelled-rain-that-led-to-fatal-indian-landslides" target="_blank" rel="noopener">Climate Change \u2018Fuelled\u2019 Rain That Led to Fatal Indian Landslides<\/a><\/h4>\r\n<h4><a href="https:\/\/www.asiafinancial.com\/energy-emissions-set-to-peak-but-not-in-time-for-climate-goals" target="_blank" rel="noopener">Energy Emissions Set to Peak But \u2018Not in Time\u2019 For Climate Goals<\/a><\/h4>\r\n<h4 class="reports-big-head"><a href="https:\/\/www.asiafinancial.com\/lngs-carbon-footprint-33-bigger-than-coals-cc">LNG\u2019s Carbon Footprint 33% Bigger Than Coal\u2019s \u2013 CC<\/a><\/h4>\r\n ", "articleSection": "Asia", "mainEntityOfPage": { "@type": "WebPage", "url": "https:\/\/www.asiafinancial.com\/anglo-sells-australian-coal-mines-to-peabody-in-3-8bn-deal" }, "headline": "Anglo Sells Australian Coal Mines to Peabody in $3.8bn Deal", "description": "British miner AngloAmerican has sold its Australian coal mines to Peabody, the US energy firm, for up to $3.8 billion", "datePublished": "2024-11-25T11:24:33+00:00", "dateModified": "2024-11-25T11:24:33+00:00", "publisher": { "@type": "Organization", "name": "Asia Financial", "logo": { "@type": "ImageObject", "url": "https:\/\/www.asiafinancial.com\/wp-content\/themes\/atf\/images\/AF-logo-small.png", "width": "640", "height": "97" } }, "author": { "@type": "Person", "name": "Asia Financial" }, "image": { "@type": "ImageObject", "url": "https:\/\/www.asiafinancial.com\/wp-content\/uploads\/2024\/11\/Peabody-listed-on-NYSE-Rtrs.jpg" } }</script> <script async src="https://www.googletagmanager.com/gtag/js?id=G-CNH68EHNDT"></script> <script> window.dataLayer = window.dataLayer || []; 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font-size: 12px; font-weight: 500; margin-top: 10px; color: #aaaaaa;"> The logo and trading data for US coal miner Peabody Energy Corp are displayed on a screen at the New York Stock Exchange (NYSE) in this April 2017 Reuters image. </figcaption> </figure> </div> <div class="content"> <p> </p> <p>British mining giant Anglo American announced on Monday that it will sell its remaining Australian mines producing coal for steelmaking to Peabody Energy.</p> <p>The deal, priced at up to $3.78 billion in cash, is the first major disposal in a major restructuring plan.</p> <p>The London-listed miner is reshaping its business to focus on copper after fending off a <strong><a href="https://www.bhp.com/investors/bhp-anglo-american">$49-billion takeover bid from larger rival BHP</a></strong> in May, betting on disposals to increase value and ward off unwanted suitors. Anglo’s share price was up 2.4% by 0829 GMT.</p> <p> </p> <h3>ALSO SEE: <a href="https://www.asiafinancial.com/china-expands-visa-free-entry-to-nine-more-countries-ap">China Expands Visa-Free Entry to Nine More Countries – AP</a></h3> <p> </p> <p>Peabody’s deal comprises an upfront payment of $2.05 billion at completion, deferred cash consideration of $725 million and the potential for up to $550 million.</p> <p>It also includes a contingent cash consideration of $450 million linked to the reopening of the Grosvenor mine after a fire broke out there in June, Anglo American said in a statement.</p> <p>Portfolio manager Ben Cleary at <strong><a href="https://tribecaip.com">Tribeca Investment Partners</a></strong>, whose firm counts Anglo as its largest holding, said that the miner received a “good price”.</p> <p>“A decent amount of cash and the deferred element seems sensible,” he added.</p> <p>Peabody will buy Moranbah North, Grosvenor, Aquila, and Capcoal located in Australia’s Bowen Basin.</p> <p>Meanwhile, Anglo’s Dawson mine will be sold on for $455 million to a unit of Indonesia’s Delta Dunia Group, which runs the BUMA coal mining services business, in a back-to-back transaction, Peabody said.</p> <p>The agreement comes just days before a six-month freeze on another approach by BHP expires on Friday under UK takeover regulations, after Anglo rebuffed BHP three times.</p> <p>Anglo had already offloaded a minority stake in a joint venture that owns the Jellinbah East and Lake Vermont steelmaking coal mines in Australia, for $1.1 billion.</p> <p> </p> <h2>‘Under-performing assets’</h2> <p>Anglo’s plan to restructure also includes shedding underperforming platinum, nickel and diamond assets to focus on copper, a metal key for the clean energy transition and the rapid expansion of artificial intelligence, iron ore and crop nutrients.</p> <p>“We see potential for a material re-rating in the medium-term as Anglo delivers on its restructuring plan, leaving a simplified portfolio with a 60% exposure to copper,” Marina Calero, an analyst at RBC Capital Markets, said.</p> <p>“A renewed approach from BHP cannot be ruled out, with the end November deadline soon approaching,” she added.</p> <p>After coal, Anglo is expected to spin out its Anglo American Platinum unit in South Africa by mid-2025. CEO Duncan Wanblad also said it expects diamond giant De Beers to follow, as the group works towards separation of that business.</p> <p>“We are well progressed with the delivery of $1 billion of cost savings,” he said in a press release.</p> <p> </p> <ul> <li>Reuters with additional editing by Jim Pollard</li> </ul> <p> </p> <h3>ALSO SEE:</h3> <h4 class="reports-big-head"><a href="https://www.asiafinancial.com/cop29-finance-deal-aims-for-250bn-from-wealthy-nations">COP29 Finance Deal Aims For $250bn From Wealthy Nations</a></h4> <h4><a href="https://www.asiafinancial.com/cop29-over-30-countries-vow-to-fight-methane-waste-emissions">COP29: Over 30 Countries Vow to Fight Methane Waste Emissions</a></h4> <h4><a href="https://www.asiafinancial.com/cop29-carbon-markets-deal-faces-credibility-test">COP29 Carbon Markets Deal Faces Credibility Test</a></h4> <h4><a href="https://www.asiafinancial.com/funding-gap-hurts-climate-talks-while-world-faces-3-1c-warming">Funding Gap Hurts Climate Talks While World Faces 3.1C Warming</a></h4> <h4 class="reports-big-head"><a href="https://www.asiafinancial.com/climate-change-has-cost-china-32-billion-in-just-one-quarter">Climate Change Has Cost China $32 Billion in Just One Quarter</a></h4> <h4><a href="https://www.asiafinancial.com/scientists-fear-natures-carbon-sinks-are-failing-guardian" target="_blank" rel="noopener">Scientists Fear Nature’s Carbon Sinks Are Failing – Guardian</a></h4> <h4><a href="https://www.asiafinancial.com/floods-drought-climate-change-worsening-global-water-woes" target="_blank" rel="noopener">Floods or Drought: Climate Change Worsens Global Water Woes</a></h4> <h4><a href="https://www.asiafinancial.com/climate-change-fuelled-rain-that-led-to-fatal-indian-landslides" target="_blank" rel="noopener">Climate Change ‘Fuelled’ Rain That Led to Fatal Indian Landslides</a></h4> <h4><a href="https://www.asiafinancial.com/energy-emissions-set-to-peak-but-not-in-time-for-climate-goals" target="_blank" rel="noopener">Energy Emissions Set to Peak But ‘Not in Time’ For Climate Goals</a></h4> <h4 class="reports-big-head"><a href="https://www.asiafinancial.com/lngs-carbon-footprint-33-bigger-than-coals-cc">LNG’s Carbon Footprint 33% Bigger Than Coal’s – CC</a></h4> <p> </p> <div class="tags"> </div> <div class="author-box"> <div class="profile_images"><img width="96" height="96" src="https://www.asiafinancial.com/wp-content/uploads/2023/04/JP-Feb2020--96x96.jpg" class="avatar avatar-96 photo imgauthor" alt="" loading="lazy" srcset="https://www.asiafinancial.com/wp-content/uploads/2023/04/JP-Feb2020--96x96.jpg 96w, https://www.asiafinancial.com/wp-content/uploads/2023/04/JP-Feb2020--150x150.jpg 150w, https://www.asiafinancial.com/wp-content/uploads/2023/04/JP-Feb2020--24x24.jpg 24w, https://www.asiafinancial.com/wp-content/uploads/2023/04/JP-Feb2020--48x48.jpg 48w, https://www.asiafinancial.com/wp-content/uploads/2023/04/JP-Feb2020--300x300.jpg 300w" sizes="100vw" /></div> <div class="author-content"> <h3><a href="https://www.asiafinancial.com/author/jim">Jim Pollard </a></h3> <p style="font-size: 14px;"> Jim Pollard is an Australian journalist based in Thailand since 1999. 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