Anglo American mulls sale of more coal mines in Australia
We are going to sell one, two … most of our under-performing assets.
Anglo American (LON:AAL) is considering the sale of more coal assets in eastern Australia in an effort to boost returns under weak commodity prices, (subs. required), citing inside sources.
The miner, one of the world’s largest coal producers, may add the Dawson and Foxleigh operations in Queensland to the list of coal mines up for sale in Australia. In December, Anglo announced it was , as part of a massive transformation that will see it shed 35 % of its global workforce.
Anglo’s chief executive, Mark Cutifani, began a major review of operations from Australia to Brazil after . He has already announced that is seeking to sell stakes in or exit its , as well as three copper mines and a smelter in Chile.
The possible sale of further coal assets in Australia come as global coal prices have fallen sharply, putting many mines into a loss-making position.
The news weighed on the company’s shares, causing Anglo to shed over 3.7% Friday. The drop was warning that they expected full-year earnings to shrink more than previously flagged.
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