05 July 2010
Anglo American agrees US$500 million sale of undeveloped coal assets in Australia
Anglo American plc (“Anglo American”) announces that it has entered into a conditional agreement with a consortium, composed of Korea Electric Power Corporation, POSCO and Cockatoo Coal Limited, to sell its interests in five undeveloped coal assets in Australia for A$580 million (approximately US$500 million) in cash.
The assets comprise two wholly-owned underground coal deposits in New South Wales (Bylong and Sutton Forest) and Anglo American’s share in three open cut coal deposits in Queensland (Collingwood, Ownaview and Taroom), all of which are held 51% by Anglo American and 49% by Mitsui. The assets have total estimated JORC compliant attributable resources of 847 million tonnes.
The transaction is subject to customary regulatory approvals, Anglo American board approval, Cockatoo Coal Limited obtaining necessary finances and Mitsui’s pre-emptive rights over the Queensland assets. The transaction is expected to be completed in the fourth quarter of 2010.
Download the press release PDF [22 KB]
United Kingdom
James Wyatt-Tilby, Media Relations
Tel: +44 (0)20 7968 8759
Caroline Metcalfe, Investor Relations
Tel: +44 (0)20 7968 2192
Leisha Wemyss, Investor Relations
Tel: +44 (0)20 7968 8607
South Africa
Pranill Ramchander, Media Relations
Tel: +27 (0)11 638 2592
Anna Mulholland, Investor Relations
Tel: +27 (0)11 373 6683
Notes to Editors:
Anglo American plc is one of the world’s
largest mining companies, is headquartered in the UK and listed on
the London and Johannesburg stock exchanges. Its portfolio of
mining businesses spans precious metals and minerals – in
which it is a global leader in both platinum and diamonds; base
metals – copper and nickel; and bulk commodities – iron
ore, metallurgical coal and thermal coal. Anglo American is
committed to the highest standards of safety and responsibility
across all its businesses and geographies and to making a
sustainable difference in the development of the communities around
its operations. The company’s mining operations and extensive
pipeline of growth projects are located in southern Africa, South
America, Australia, North America and Asia.
www.angloamerican.co.uk
Most computers will open PDF documents automatically, but you may need to download Adobe Reader.
Back to top