HomeBase MetalsAnglo to focus on iron ore and copper

Anglo to focus on iron ore and copper

Conveyor system at
one of Anglo’s
Australian coal
London, England — MININGREVIEW.COM — 03 March 2010 – Mining giant Anglo American plc “’ owner of stakes in the world’s biggest diamond and platinum producers “’ is seeking to sell five holdings in coal reserves in Australia in order to focus on iron ore and copper mining.

In an e-mailed statement released here, the London-based company said it aimed to sell the Bylong and Sutton Forest assets in New South Wales state, in addition to a 51% interest in the Taroom, Collingwood and Ownaview resources in Queensland’s Surat Basin.
The statement added that Goldman Sachs JBWere Pty was assisting in the sale of what amounted to more than 1.1 billion metric tonnes of undeveloped resources.

Anglo American CEO Cynthia Carroll cut more than 23 000 jobs last year, and is selling a South African steel mill and zinc assets to focus on iron ore and copper demand in fast-growing Asian markets. The coal assets aren’t part of the company’s growth plans in the short- to medium-term, according to the statement.

Anglo American may get more than US$449 million (R3.4 billion) for the coal assets and may complete the transactions in eight to 10 weeks, the Australian Financial Review reported without citing anyone.