The mining company will sell its 12% stake in the Grosvenor mine to Japanese consortium that includes Nippon Steel Corp, Mitsui, Nippon Steel Trading, Shinsho and JFE Mineral
UK-based mining company Anglo American has agreed to sell its minority stake in the Grosvenor mine in Australia to a consortium of Japanese companies for a value of about $141m.
Located in the Moranbah region of Queensland, Australia, the Grosvenor mine is wholly owned by the Anglo American.
The mining company will sell its 12% stake in the Grosvenor mine to Japanese consortium that includes Nippon Steel Corp, Mitsui, Nippon Steel Trading, Shinsho and JFE Mineral.
Anglo American Bulk Commodities CEO Seamus French said: “The alignment of ownership interests across the Moranbah-Grosvenor operation is an important step forward as we unlock the considerable additional value that we see.
“Our ability to expand the plant, debottleneck 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.”
The Japanese consortium already owns 12% stake in Moranbah North mine
The consortium already owned 12% of Anglo’s Moranbah North mine, located in Bowen Basin at Moranbah in Central Queensland, Australia.
Anglo American said that the Grosvenor mine uses Moranbah North’s coal processing infrastructure, where many debottlenecking, expansion and product blending options offer considerable cost, productivity and margin benefits for the integrated operation.
It also said that the Grosvenor mine uses the longwall mining method to mine coal with an anticipated mine life in excess of 30 years.
In July this year, the company announced that the board of its Aquila project has approved the extension of life for the Capcoal underground (Grasstree mine) hard coking coal operations in Queensland, Australia.
Involving a capital cost of $226m, the project is expected to extend the life of the Capcoal underground hard coking coal operations by six years to 2028.
The Capcoal complex includes the Capcoal open cut and Grasstree underground operations and both the operations are managed by Anglo American.