27th Nov 2019 08:02
(Alliance News) - Blue-chip miner Anglo American PLC has sold a 12% stake in the Grosvenor coking coal mine in Australia, it said Wednesday, to Japanese partners at the site.
Currently, Anglo American owns 88% of the next-door Moranbah mine in Queensland, with a consortium of Japanese companies owning the remaining 12%. It has now replicated this at Grosvenor, which came online in 2016.
Grosvenor, Anglo American added, uses the existing coal processing infrastructure at Moranbah. It produced 3.8 million tonnes of coking coal, which is used to produce steel, in 2018.
The company, a member of London's FTSE 100 index, has netted USD141 million from the sale of the 12% stake in at Grosvenor.
In a separate announcement, Japan's Mitsui & Co Ltd said it has bought a 4.75% stake in Grosvenor for AUD82.1 million. The other shareholders are Nippon Steel Corp with 5.0%, Nippon Steel Trading Corp with 1.25%, Shinsho Corp with 0.5%, and JFE Mineral Co Ltd with 0.5%.
Seamus French, head of Bulk Commodities at Anglo American, commented: "The alignment of ownership interests across the Moranbah-Grosvenor operation is an important step forward as we unlock the considerable additional value that we see.
"Our ability to expand the plant, debottleneck various processes, and have the flexibility to blend our naturally high-quality products more effectively, all support the long term competitiveness of what is already a world-class asset. I am pleased to be building on the successful relationships with our joint venture partners in delivering Moranbah-Grosvenor's full potential for the benefit of all our stakeholders."
By George Collard; [email protected]
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