Anglo American's steelmaking coal portfolio consists mainly of an 88% interest in the Moranbah North and Grosvenor joint ventures. The business has been sold to Dhilmar for up to $3.88bn cash.
Anglo American reported a solid production and cost performance from its operations and a favourable copper price in the six months to June 30.
The resources and agricultural nutients group, which is in the process of merging with Teck Resources, said earnings before interest, tax, depreciation, and amortisation increased by 35% to $4 billion during the period.
“We are unlocking the full potential of Anglo American – anchored in copper, premium iron ore, and crop nutrients – focusing on delivering material value for our shareholders while we prepare to complete our merger with Teck to create a global metals and minerals champion,” CEO Duncan Wanblad said in a statement.
Management initiatives undertaken as part of the group strategy during the six months include the sale of Steelmaking Coal for up to $3.875bn in cash. The sale of the diamond group De Beers is advancing, while integration planning for the merger with Teck is well advanced.
