Anglo American’s divestiture of its 33.3 per cent minority interest in Jellinbah Group, a JV that owns a 70 per cent interest in the Jellinbah East and Lake Vermont steelmaking coal mines in Australia, will result in $1.6 billion in cash proceeds.
The buyer, Zashvin, already owns 33.3 per cent of the shares in Jellinbah, along with Anglo American and Marubeni.
Anglo American does not operate the Jellinbah mines or market any of their production volumes. The sale is subject to customary regulatory approvals and is expected to be completed in the second quarter of 2025.
Duncan Wanblad, Chief Executive of Anglo American, said the company is delighted to have agreed terms with its JV partner, Zashvin, to sell its minority interest in Jellinbah.
“The cash proceeds of $1.6 billion reflect the exceptional quality of the Jellinbah business. Our process to sell the rest of our steelmaking coal business – being the portfolio of steelmaking coal mines that we operate in Australia – is now at an advanced stage, and we are on track to agree terms in the coming months.”
Zashvin’s James Xu said, “Jellinbah’s success has been driven by robust partnerships.
“We appreciate Anglo American’s significant role in this journey and value its dedication to making this transaction smooth and efficient.
“As a family that’s been with Jellinbah since its inception, our increased investment not only reflects our confidence in Queensland’s coal industry but also our commitment to supporting the central Queensland community.”
