Business
Agreement re sale of steelmaking coal business
Anglo American has agreed to sell its Australian steelmaking coal business to Dhilmar Limited for up to US$3.875 billion in cash, comprising an upfront payment of US$2.3 billion and a price-linked earnout of up to US$1.575 billion, with the proceeds intended to reduce net debt. This transaction marks Anglo American's complete exit from steelmaking coal, bringing aggregate cash proceeds from this divestment to approximately US$4.9 billion, including the prior sale of its Jellinbah mine interest for around US$1 billion. The deal is subject to regulatory approvals and is expected to complete by the first quarter of 2027. Disclaimer*
About this update from Anglo American Plc
[{"type":"text","content":"\n\n\n\n\n\n18 May 2026\n\n\n\n\nAnglo American agrees sale of steelmaking coal business for up to US$3.875 billion in cash\n\n\n\n\n\n\n\n\n\nAnglo American announces that it has agreed to sell its portfolio of steelmaking coal mines in Australia (\"Steelmaking Coal Portfolio\") to Dhilmar Limited (\"Dhilmar\") for a cash consideration of up to US$3.875 billion (\"the Transaction\").\n \nThe agreed cash consideration of up to US$3.875 billion comprises an upfront cash consideration of US$2.3 billion payable by Dhilmar at completion and a price-linked earnout1 of up to US$1.575 billion. Anglo American will use the cash proceeds to reduce net debt.\n \nDuncan Wanblad, CEO of Anglo American, said: \"Our agreement for Dhilmar to acquire our steelmaking coal business in Australia is testament to the high quality of these assets and our people. Dhilmar's leadership brings considerable experience of operating major mining assets, including in steelmaking coal, in Southeast Asia and Canada. We will work together with the Dhilmar team and with our workforce, local communities, government, customers, and partners to ensure a successful transition.\n \n\"This agreement represents another major step in the simplification of our portfolio ahead of completing our merger with Teck. Through this transaction, we will complete our exit from steelmaking coal, delivering aggregate cash proceeds of up to US$4.9 billion, given the prior completion of the sale of our interest in the Jellinbah mine for approximately US$1 billion.\"\n \nThe Transaction is subject to a number of conditions, including customary competition and regulatory clearances, and pre-emption arrangements. The upfront cash consideration is subject to normal completion adjustments and completion is expected by the first quarter of 2027.\n \nAnglo American's Steelmaking Coal Portfolio consists primarily of an 88.0% interest in the Moranbah North and Grosvenor joint ventures; 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.\n \nIn parallel with the Transaction, Anglo American continues to pursue the ar...