Anglo American (OTC:AAUKF) has agreed to sell its Australian steelmaking coal portfolio to Peabody Energy (NYSE:BTU) for up to $3.8 billion. The sale marks another step toward future-facing commodities, following the $1.1 billion sale of its stake in the Jellinbah Group earlier this month.
“We're pleased to acquire these world-class assets from Anglo American, a company that shares our strong values of safety, sustainability, and social license to operate,” said Peabody CEO Jim Grech. “We look forward to integrating these assets, teaming up with their highly skilled workforce, and aligning with our new mine joint venture partners to create long-term value.”
