Undeveloped coal asset sale

RNS Number : 8290O

Anglo American PLC

05 July 2010

 



News Release

5 July 2010

Anglo American agrees US$500 million sale of undeveloped coal assets in Australia

Anglo American plc ("Anglo American") announces that it has entered into a conditional agreement with a consortium, composed of Korea Electric Power Corporation, POSCO and Cockatoo Coal Limited, to sell its interests in five undeveloped coal assets in Australia for A$580 million (approximately US$500 million) in cash.  

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. The assets have total estimated JORC compliant attributable resources of 847 million tonnes.

The transaction is subject to customary regulatory approvals, Anglo American board approval, Cockatoo Coal Limited obtaining necessary finances and Mitsui's pre-emptive rights over the Queensland assets.  The transaction is expected to be completed in the fourth quarter of 2010.

For further information, please contact:

United Kingdom

James Wyatt-Tilby, Media Relations

Tel: [phone]

Caroline Metcalfe, Investor Relations

Tel: [phone]

Leisha Wemyss, Investor Relations

Tel : [phone]

South Africa

Pranill Ramchander, Media Relations

Tel: [phone]

Anna Mulholland, Investor Relations

Tel: [phone]

Notes to Editors:

Anglo American plc is one of the world's largest mining companies, is headquartered in the UK and listed on the London and Johannesburg stock exchanges. Its portfolio of mining businesses spans precious metals and minerals - in which it is a global leader in both platinum and diamonds; base metals - copper and nickel; and bulk commodities - iron ore, metallurgical coal and thermal coal. Anglo American is committed to the highest standards of safety and responsibility across all its businesses and geographies and to making a sustainable difference in the development of the communities around its operations. The company's mining operations and extensive pipeline of growth projects are located in southern Africa, South America, Australia, North America and Asia. 

www.angloamerican.co.uk

 

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