Anglo sells undeveloped Australia coal assets for $577m

Global resources giant Anglo American said on Thursday that it has completed the sale of its interests in five undeveloped coal assets in Australia to a consortium composed of Korea Electric Power Corporation, Posco and Cockatoo Coal, for approximately $577-million cash.

Anglo announced the sale of the five predominantly thermal coal assets in July.

The assets comprise two wholly owned underground coal deposits in New South Wales (Bylong and Sutton Forest) and Anglo American’s share in three open cut coal deposits in Queensland (Collingwood, Ownaview and Taroom), all of which are held 51% by Anglo American and 49% by Mitsui. — I-Net Bridge

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