(RTTNews) – British miner Anglo American Plc (AAUKY.PK, AAL.L) introduced Monday that it has agreed phrases for the sale of its 33.3 p.c minority curiosity in three way partnership Jellinbah Group Pty Ltd. to its JV associate Zashvin Pty Ltd. for money proceeds of A$1.6 billion or round $1.1 billion.
The sale is topic to customary regulatory approvals and is anticipated to finish within the second quarter of 2025.
Jellinbah Group owns a 70 p.c curiosity within the Jellinbah East and Lake Vermont steelmaking coal mines in Australia. Anglo American doesn’t function the Jellinbah mines, or market any of the manufacturing volumes from Jellinbah.
Zashvin already holds a 33.3 p.c stake in Jellinbah alongside Anglo American and Marubeni.
Anglo American famous that its 33.3 p.c curiosity in Jellinbah in 2023 contributed $779 million to group income and $373 million to underlying EBITDA. Within the first half of 2024, the curiosity contributed $354 million to group income and $153 million to underlying EBITDA.
Duncan Wanblad, Chief Govt of Anglo American, stated, “Our course of to promote the remainder of our steelmaking coal enterprise – being the portfolio of steelmaking coal mines that we function in Australia – is now at a complicated stage and we’re on observe to agree phrases within the coming months.”
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