Anglo American has announced an agreement to sell its remaining steelmaking coal assets to U.S. miner Peabody Energy for up to $3.775 billion. The deal consists of $2.05 billion in upfront cash, $725 million in deferred cash, up to $550 million linked to future prices, and $450 million in contingent cash.
This sale is a strategic move by Anglo American to focus on developing world-class copper, premium iron ore, and crop nutrient businesses. Earlier, the company sold its stakes in two Australian coal mines for approximately $1.1 billion.
The divestment of coal assets is part of Anglo American's portfolio restructuring plan, which was proposed in May to counter a nearly $50 billion takeover bid from rival BHP. The company aims to divest its coal, nickel, diamond, and platinum operations while retaining its copper, iron ore, and crop nutrient projects.
