Anglo American PLC (LSE:AAL) PLC has confirmed the US$1 billion (£800 million) sale of its stake in the Jellinbah East and Lake Vermont steelmaking coal mines in Australia.
Anglo said on Wednesday its 33.3% stake in Jellinbah Group Pty Ltd, which owns a 70% interest in the mines, was sold to joint venture partner Zashvin.
Chief executive Duncan Wanblad noted the sale was finalised “sooner than expected,” having originally been unveiled in November and due to complete in the second quarter.
“We are pleased to complete this first step in the divestment of our steelmaking coal portfolio,” he said.
“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.
“We have moved at pace to simplify Anglo American to create an exciting and differentiated investment proposition focused on our world-class copper, premium iron ore and crop nutrients businesses.”
Shares slipped 0.2% to 2,350.91p.