Selling its coal operations was seen as the most straightforward first step in the process — which also involves exiting platinum, nickel and selling or spinning off De Beers — but it was hampered by an explosion and fire at Grosvenor, the largest of its five Australian mines.
Anglo American said it’s agreed to sell its steelmaking coal business to Peabody Energy for a fee that could rise to as much as US$3.78 billion ($5.09 billion), as the miner’s restructuring gathers pace.
Anglo is looking to dramatically simplify — and shrink — its business in a move that was announced during a successful rebuttal of a US$49 billion approach from BHP Group earlier this year.
