Anglo expects binding offers for Australian coal assets by mid-November
LONDON, Sept 26 (Reuters) -Anglo American AAL.L expects to receive binding offers for its steelmaking coal assets by mid-November as it advances a plan to restructure the business after battling a takeover offer from rival BHP Group BHP.AX, CEO Duncan Wanblad said.
The London-listed miner could finalise the sale of the Australian mines before the end of the year, Wanblad said at the FT mining summit in London. The process to sell the coking coal assets has passed the first round of auction, he added.
"So in the middle of November, we should be getting final binding offers," Wanblad said. "Then we will start negotiating a SPA (sales and purchase agreement). Now, with any luck we should be able to conclude that process just before the end of the year."
Anglo's mines for the steel-making ingredient include Grosvenor, where a fire ignited on June 29, and Moranbah North as well as three smaller mines all in Queensland state.
While the Grosvenor mine remains shut, the CEO said the latest assessment shows that the damage from the fire has been "limited and the ore bodies seem to be very much intact".
While the fire would affect the value potential buyers attach to the asset because of the cost of capital to restart operations, the loss to Anglo would be "reasonable", said Wanblad.
Analysts value Anglo's steelmaking coal business at around $4.5 billion.
The Grosvenor mine produced 2.8 million metric tons of metallurgical coal in 2023, making up 17% of Anglo's coal output, according to its annual report. The company is the world's third-largest exporter of metallurgical coal.
The CEO added that he would use proceeds from the sale of the coal assets to cut the company's debt.
Anglo is selling coal assets as well as nickel mines in Brazil to trim the business after fending off a takeover bid from bigger rival BHP earlier this year. The miner is also divesting its platinum business in South Africa and weighing whether to sell or demerge its diamonds business.
Between five and seven potential buyers including Glencore GLEN.L are expected to participate in the second-round auction for the coal assets, a source told Reuters. Glencore declined to comment.
Reporting by Felix Njini and Clara Denina; Editing by Kirsten Donovan
免责声明: XM Group仅提供在线交易平台的执行服务和访问权限，并允许个人查看和/或使用网站或网站所提供的内容，但无意进行任何更改或扩展，也不会更改或扩展其服务和访问权限。所有访问和使用权限，将受下列条款与条例约束：(i) 条款与条例；(ii) 风险提示；以及(iii) 完整免责声明。请注意，网站所提供的所有讯息，仅限一般资讯用途。此外，XM所有在线交易平台的内容并不构成，也不能被用于任何未经授权的金融市场交易邀约和/或邀请。金融市场交易对于您的投资资本含有重大风险。
所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。
本网站上由XM和第三方供应商所提供的所有内容，包括意见、新闻、研究、分析、价格、其他资讯和第三方网站链接，皆保持不变，并作为一般市场评论所提供，而非投资性建议。所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为适用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。请确保您已阅读并完全理解，XM非独立投资研究提示和风险提示相关资讯，更多详情请点击 这里。
