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Anglo American Sells Stake in Moranbah-Grosvenor Operation

Coal News - Published on Thu, 28 Nov 2019

Image Source: Moranbah North Grosvenor Coal
Anglo American plc announced the equalisation of ownership across its integrated metallurgical coal operations at Moranbah North and Grosvenor in Queensland in Australia. The long-established Moranbah North mine and processing operation is 88% owned by Anglo American, with 12% owned by a consortium of Japanese companies, Nippon Steel Corporation, Mitsui & Co Ltd, Nippon Steel Trading Corporation, Shinsho Corporation, JFE Mineral Co Ltd. The more recently commissioned and neighbouring Grosvenor mine was developed, and is wholly owned, by Anglo American and came onstream in 2016. The Grosvenor mine uses Moranbah North’s coal processing infrastructure, where numerous debottlenecking, expansion and product blending options offer considerable cost, productivity and margin benefits for the integrated operation.

Anglo American has therefore sought to replicate the ownership structure of Moranbah North at Grosvenor, through the agreed sale of a 12% interest in the Grosvenor mine to the same consortium partners, in order to align the interests of all of the owners and to facilitate the delivery of the value creation opportunities set out above. Under the terms of the agreement, which is subject to a number of conditions prior to completion, Anglo American will receive cash proceeds of approximately US$141 million in respect of the 12% minority interest in the Grosvenor mine.

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Posted By : Yogender Pancholi on Thu, 28 Nov 2019
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