5th May 2025 17:08
(Alliance News) - Anglo American PLC on Monday said it continues to work with Peabody Energy Corp to conclude the sale of its steelmaking coal portfolio in Australia.
The London-based diversified miner late in November last year agreed to sell its remaining steelmaking coal assets to Peabody Energy for USD3.78 billion.
The miner temporarily suspended mining operations at the Moranbah North mine following what it believes to have been a "minor ignition" in the underground area of the mine on March 31.
Initial re-entry to Moranbah North mine was completed on April 19 and Anglo American is continuing to work closely with the safety regulator, Resources Safety & Health Queensland, industry experts and other key stakeholders as it progresses towards a structured restart to longwall production once it is determined that it is safe to do so.
Anglo American said it does not believe that the stoppage at Moranbah North constitutes a "material adverse change" over the definitive agreements with Peabody.
It said it expects to continue working with Peabody to address its concerns and satisfy the remaining customary conditions that are required for completion of the transaction.
The steelmaking coal portfolio consists of an 88% interest in the Moranbah North joint venture; a 70% interest in the Capcoal joint venture; an 86.36% interest in the Roper Creek joint venture; a 51.0% interest in the Dawson joint venture, Dawson South joint venture, Dawson South Exploration joint venture and the Theodore South joint venture; and a 50.0% interest in the Moranbah South joint venture.
Anglo shares ended down 1.7% to ZAR514.45 on Monday in Johannesburg.
By Artwell Dlamini, Alliance News reporter
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