Alexander Ramlie, CEO of Dhilmar.Courtesy of Amman MineralsDhilmar—backed by Indonesian mining billionaire Alexander Ramlie—will buy the Australian coking coal mines of London-listed Anglo American for as much as $3.9 billion amid growing demand for the coal used in steelmaking.Under the deal, UK-based Dhilmar will pay $2.3 billion in cash upon the completion of the transaction in the first quarter of 2027 and an additional of up to $1.6 billion depending on the price of coking coal within five years after the deal’s close, Anglo American said in a statement on Monday.The mine was previously set to be sold to U.S. mining company, Peabody Energy, in November 2024, but the deal collapsed after a fire in March 2025 temporarily shut operations at the Moranbah North Mine in Australia. Anglo American said it will continue pursuing arbitration with Peabody over the failed deal.Anglo American is the world’s third-largest exporter of coking coal, supplying customers across Asia, Europe, and South America. It operates five mines that produced 8.2 million tonnes of coking coal last year. Its two largest mines—Moranbah North Mine and Grosvenor Mine—are both located in Queensland, Australia.Coking coal, a key raw material used in steelmaking, is expected to see stronger demand as global steel consumption rises. According to the World Steel Association, global steel demand is forecast to increase 0.3% in 2026 to 1.7 billion tonnes, before accelerating 2.2% in 2027 to 1.8 billion tonnes.MORE FOR YOUWith a real-time net worth of $1.4 billion, Ramlie is among the wealthiest in Indonesia. He is the CEO of Dhilmar, which in 2025 acquired the Éléonore gold mine in Canada from U.S. gold giant Newmont for $795 million. Ramlie is also a commissioner of Amman Mineral Internasional, which operates one of the largest copper and gold mines in Indonesia.Anglo American's coking coal mine in Australia.Anglo American