Anglo American offloads Grosvenor stake to Japanese
Friday, November 29th, 2019
Anglo American has equalised the ownership structure of its Moranbah North and Grosvenor metallurgical coal operations in Queensland.
The company has replicated the ownership structure at the Moranbah North mine by selling a 12 per cent stake in the Grosvenor site to the Japanese consortium of Nippon Steel, Mitsui & Co, Shinsho, Nippon Steel Trading and JFE Mineral.
Anglo American will receive $US141 million ($208 million) from the consortium to offload the stake.
Grosvenor uses Moranbah North’s coal processing infrastructure, providing considerable cost, productivity and margin benefits for the integrated operation.
Anglo American chief executive of Bulk Commodities Seamus French said the alignment of ownership interests across Moranbah-Grosvenor was an important step forward as the mining company unlocked additional value.
“Our ability to expand the plant, debottleneck various processes, and have the flexibility to blend our naturally high-quality products more effectively, support the long-term competitiveness of what is already a world-class asset,” French said.
“I am pleased to be building on the successful relationships with our joint venture partners in delivering Moranbah-Grosvenor’s full potential for the benefit of all our stakeholders.”
Anglo American’s metallurgical coal guidance for 2022 is set at an estimated 26-28 million tonnes.https://www.australianmining.com.au/news/anglo-american-offloads-grosvenor-stake-to-japanese/