Anglo remains in talks to sell coal assets to Peabody after fire
me-metals: Anglo American Plc said it’s still in talks with Peabody Energy Corp. to sell its coal portfolio for $3.78 billion, adding that a fire at its Australian operations hadn’t caused damage.
According to me-metals cited from mining.com, “Anglo American continues to work with Peabody towards satisfying the remaining customary conditions in those agreements that are required for completion of the transaction,” the London-based miner said in statement Thursday. Conditions in the mine “remain stable, with data and camera footage showing no evidence of damage,” it added.
Peabody’s shares surged in New York after it said it was reviewing the deal, announced in November, due to the fire at its Moranbah North Mine in Queensland. It was considering “all options related to its acquisition” and remained in talks with Anglo about a so-called “ignition event,” it said.
Anglo is seeking to sell its steel-making coal business as part of a simplification strategy aimed at placating investors following a failed takeover attempt by BHP Group last year. Peabody was the winning bidder to buy the assets, with the transaction set to close in the coming months.
In July last year, a fire at the prized Grosvenor mine — the largest in Anglo’s coal portfolio — erupted, causing a long-term shutdown. That mine accounted for about a third of Anglo’s output from the Queensland coalfields.
source: mining.com
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