Anglo American has agreed terms for the sale of its 33.3% minority interest in Jellinbah Group Pty, a joint venture that owns a 70% interest in the Jellinbah East and Lake Vermont steelmaking coal mines in Australia, to Zashvin Pty Limited for cash proceeds of A$1.6 billion (approximately US$1.1 billion).
Zashvin is an existing 33.3% shareholder in Jellinbah alongside Anglo American and Marubeni. Anglo American does not operate the Jellinbah mines, nor does it market any of the production volumes from Jellinbah. The sale is subject to customary regulatory approvals and is expected to complete in the second quarter of 2025.
Duncan Wanblad, Chief Executive of Anglo American, said: “We are delighted to have agreed terms with our JV partner, Zashvin, for the sale of our minority interest in Jellinbah. The cash proceeds of A$1.6 billion reflect the exceptional quality of the Jellinbah business. Our process to sell the rest of our steelmaking coal business – being the portfolio of steelmaking coal mines that we operate in Australia – is now at an advanced stage and we are on track to agree terms in the coming months.”
James Xu of Zashvin, commented: “Jellinbah's success has been driven by robust partnerships. We’re appreciative of Anglo American’s significant role in this journey and we value its dedication to making this transaction smooth and efficient. As a family that’s been with Jellinbah since its inception, our increased investment not only reflects our confidence in Queensland’s coal industry but also our commitment to supporting the central Queensland community.“
Duncan Wanblad added: “We are making excellent progress with our simplification of Anglo American to create an exciting and differentiated investment proposition focused on our world-class copper, premium iron ore and crop nutrients assets - all future-enabling products. This highly cash generative and much higher margin portfolio will offer greater resilience through cycles and the benefit of significant high quality and well sequenced growth options, including a clear path to increase annual copper production to more than one million tonnes by the early 2030's. “