A man loads steel at a port. Picture: REUTERS
Loading ...

Anglo American has raised $141m (about R2.1bn) from the sale of a stake in its Grosvenor mine to its Japanese partners at its metallurgical coal assets in Australia.

Japan’s Nippon Steel Corporation, Mitsui & Company, Nippon Steel Trading Corporation, Shinsho Corporation and JFE Mineral own 12% of the Moranbah mine and processing plant in Queensland.

The sale of the stake in Grosvenor, which shares facilities at Moranbah, aligns the ownership and strategy around the two assets. Anglo’s new mine, Grosvenor, uses the Moranbah processing facilities. Grosvenor came into production in 2016.

Anglo said it had “equalised” the ownership between the two mines with the sale of a 12% stake in Grosvenor to the Japanese partners for R2.1bn.

Metallurgical coal is used to make coke, a source of pure carbon in the steel-making process.

“Our ability to expand the plant, de-bottleneck various processes, and have the flexibility to blend our naturally high-quality products more effectively, all support the long-term competitiveness of what is already a world-class asset,” said Seamus French, CEO of bulk commodities at Anglo.

Anglo is a major diversified mining company, with dominant stakes in companies producing platinum group metals (PGM), copper, iron ore, diamonds, thermal and metallurgical coal, nickel and interests in manganese.

seccombea@businesslive.co.za

Loading ...
Loading ...
View Comments