Anglo completes sale of minority interest in Jellinbah for A$1.6bn
Diversified miner Anglo American has concluded the sale of its 33.3% minority interest in Jellinbah Group, a joint venture (JV) that owns a 70% interest in the Jellinbah East and Lake Vermont steelmaking coal mines in Australia, to Zashvin.
Under the terms of the transaction, Anglo has received A$1.4-billion in addition to the A$228-million already received, bringing total cash proceeds to A$1.6-billion, or about $1-billion.
Anglo announced in November that it would sell the stake to Zashvin, with the deal initially expected to be completed only in the second quarter of this year.
"We are pleased to complete this first step in the divestment of our steelmaking coal portfolio, realising $1-billion of cash proceeds sooner than expected, further strengthening our balance sheet. We wish our JV partners, Zashvin and Marubeni, every success for the future of Jellinbah.
"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 $3.8-billion," comments Anglo CEO Duncan Wanblad, adding that Anglo has moved at pace to simplify the group to "create an exciting and differentiated investment proposition focused on our world-class copper, premium iron-ore and crop nutrients businesses".
"This more cash-generative and higher-margin portfolio will offer greater through-the-cycle resilience, with the benefit of significant high-quality and well-sequenced growth options across each product vertical, including a clear path to increase annual copper production to more than one-million tonnes over the next decade," he adds.
"Jellinbah's success since 1988 has been driven by the partnerships we have forged both locally and overseas. We pay tribute to Anglo American's significant role in this journey and its dedication to making this historic transaction smooth and efficient.
"As a proudly Queensland family-owned company, our increased investment reflects our confidence in Queensland's coal industry and our workforce, and our commitment to continue to work with central Queenslanders," comments James Xu of Zashvin.
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