Anglo American sells Australian coal mines for $3.8bn as part of portfolio reshaping

Diversified mining giant Anglo American announced on Monday the sale of its Australian steelmaking coal mines to Peabody, a US-based coal producer, for $3.8-billion. The move is part of the Johannesburg- and London-listed group's ongoing restructuring efforts, focusing on future-facing commodities.

The deal follows the recent sale of Anglo American's 33.3% stake in the joint venture (JV) that owns the Jellinbah and Lake Vermont coal mines in Australia for $1.1-billion, bringing the total value of the company’s coal divestments to up to $4.9-billion.