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Anglo American agrees sale of its minority interest in Jellinbah for A$1.6 billion
Anglo American plc (the "Company")
Registered office: 17 Charterhouse Street, London EC1N 6RA
Registered number: 3564138 (incorporated in England and Wales)
Legal Entity Identifier: 549300S9XF92D1X8ME43
ISIN: GBOOB1XZS820
JSE Share Code: AGL
NSX Share Code: ANM
4 November 2024
Anglo American agrees sale of its minority interest in Jellinbah for A$1.6 billion
Anglo American has agreed terms for the sale of its 33.3% minority interest in Jellinbah Group Pty Ltd
("Jellinbah"), a joint venture that owns a 70% interest in the Jellinbah East and Lake Vermont steelmaking
coal mines in Australia, to Zashvin Pty Limited ("Zashvin") for cash proceeds of A$1.6 billion
(approximately US$1.1 billion).
Zashvin is an existing 33.3% shareholder in Jellinbah alongside Anglo American and Marubeni. Anglo
American does not operate the Jellinbah mines, nor does it market any of the production volumes from
Jellinbah. The sale is subject to customary regulatory approvals and is expected to complete in the second
quarter of 2025.
Duncan Wanblad, Chief Executive of Anglo American, said: "We are delighted to have agreed terms with
our JV partner, Zashvin, for the sale of our minority interest in Jellinbah. The cash proceeds of A$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."
James Xu of Zashvin, commented: "Jellinbah's success has been driven by robust partnerships. We're
appreciative of Anglo American's significant role in this journey and we 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."
Duncan Wanblad added: "We are making excellent progress with our simplification of Anglo American to
create an exciting and differentiated investment proposition focused on our world-class copper, premium
iron ore and crop nutrients assets - all future-enabling products. This highly cash generative and much
higher margin portfolio will offer greater resilience through cycles and the benefit of significant high
quality and well sequenced growth options, including a clear path to increase annual copper production
to more than one million tonnes by the early 2030's. "
Footnote:
In 2023, Anglo American's 33.3% interest in Jellinbah contributed US$779 million to group revenue and US$373 million to underlying
EBITDA. In the first half of 2024, Anglo American's 33.3% interest in Jellinbah contributed US$354 million to group revenue and
US$153 million to underlying EBITDA.
For further information, please contact:
Media Investors
UK UK
James Wyatt-Tilby Tyler Broda
james.wyatt-tilby@angloamerican.com tyler.broda@angloamerican.com
Tel: +44 (0)20 7968 8759 Tel: +44 (0)20 7968 1470
Marcelo Esquivel Michelle West-Russell
marcelo.esquivel@angloamerican.com michelle.west-russell@angloamerican.com
Tel: +44 (0)20 7968 8891 Tel: +44 (0)20 7968 1494
Rebecca Meeson–Frizelle Asanda Malimba
rebecca.meeson-frizelle@angloamerican.com asanda.malimba@angloamerican.com
Tel: + 44 (0)20 7968 1374
Tel: +44 (0)20 7968 8480
South Africa
Nevashnee Naicker
nevashnee.naicker@angloamerican.com
Tel: +27 (0)11 638 3189
The Company has a primary listing on the Main Market of the London Stock Exchange and secondary
listings on the Johannesburg Stock Exchange, the Botswana Stock Exchange, the Namibia Stock Exchange
and the SIX Swiss Exchange.
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Notes:
Anglo American is a leading global mining company focused on the responsible production of copper,
premium iron ore and crop nutrients – future-enabling products that are essential for decarbonising the
global economy, improving living standards, and food security. Our portfolio of world-class operations
and outstanding resource endowments offers value-accretive growth potential across all three
businesses, positioning us to deliver into structurally attractive major demand growth trends.
Our integrated approach to sustainability and innovation drives our decision-making across the value
chain, from how we discover new resources to how we mine, process, move and market our products to
our customers – safely, efficiently and responsibly. Our Sustainable Mining Plan commits us to a series of
stretching goals over different time horizons to ensure we contribute to a healthy environment, create
thriving communities and build trust as a corporate leader. We work together with our business partners
and diverse stakeholders to unlock enduring value from precious natural resources for our shareholders,
for the benefit of the communities and countries in which we operate, and for society as a whole. Anglo
American is re-imagining mining to improve people's lives.
Anglo American is currently implementing a number of major structural changes to unlock the inherent
value in its portfolio and thereby accelerate delivery of its strategic priorities of operational excellence,
portfolio simplification, and growth. This portfolio transformation will focus Anglo American on its world-
class resource asset base in copper, premium iron ore and crop nutrients, once the sale of our
steelmaking coal and nickel businesses, the demerger of our PGMs business (Anglo American Platinum),
and the separation of our iconic diamond business (De Beers) have been completed.
www.angloamerican.com
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forward-looking statements include, among others, levels of actual production during any period, levels of global
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authorities such as in relation to permitting or forcing closure of mines and ceasing of operations or maintenance of
Anglo American's assets and changes in taxation or safety, health, environmental or other types of regulation in the
countries where Anglo American operates, conflicts over land and resource ownership rights and such other risk
factors identified in Anglo American's most recent Annual Report. Forward-looking statements should, therefore, be
construed in light of such risk factors and undue reliance should not be placed on forward-looking statements. These
forward-looking statements speak only as of the date of this document. Anglo American expressly disclaims any
obligation or undertaking (except as required by applicable law, the City Code on Takeovers and Mergers, the UK
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the securities exchange of the JSE Limited in South Africa, the SIX Swiss Exchange, the Botswana Stock Exchange and
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thereto or any change in events, conditions or circumstances on which any such statement is based.
Nothing in this document should be interpreted to mean that future earnings per share of Anglo American will
necessarily match or exceed its historical published earnings per share. Certain statistical and other information
included in this document is sourced from third party sources (including, but not limited to, externally conducted
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may not necessarily correspond to the views held by Anglo American and Anglo American expressly disclaims any
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©Anglo American Services (UK) Ltd 2024.
Legal Entity Identifier: 549300S9XF92D1X8ME43
Date: 04-11-2024 09:00:00
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