Anglo American is set to generate up to $4.9bn from the sale of its steelmaking coal portfolio. A $1.1bn deal for its stake in the Jellinbah project was announced earlier in November, and an agreement is now in place to sell the remaining portfolio for up to $3.8bn.
The Jellinbah sale is expected to be completed in the second quarter of 2025, and today's deal in the third quarter - both subject to regulatory approvals.
Plans are underway to demerge the platinum business by mid-2025, and progress is being made on the sale of the nickel business. Following that, the diamond business De Beers will be the next separation target.
Anglo is on track to deliver $1bn in cost savings and is planning an additional $800mn of recurring savings by the end of 2025.
The shares rose 2.0% in early trading.
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Anglo American key facts
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