Anglo American agrees to sell minority interest in Jellinbah for $1.1B

Anglo American (NGLOY) has agreed terms for the sale of its 33.3% minority interest in Jellinbah Group Pty Ltd, 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$1.6B, or approximately $1.1B. 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, CEO 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.”