Wrap Text
Anglo American agrees sale of steelmaking coal business for up to US$3.875 billion in cash
Anglo American plc
Registered office: 17 Charterhouse Street London EC1N 6RA United Kingdom
Registered number: 3564138 (incorporated in England and Wales)
Legal Entity Identifier: 549300S9XF92D1X8ME43
ISIN: GB00BTK05J60
JSE Share Code: AGL
NSX Share Code: ANM
("the Company")
18 May 2026
Anglo American agrees sale of steelmaking coal business for up to US$3.875 billion in cash
Anglo American announces that it has agreed to sell its portfolio of steelmaking coal mines in Australia
("Steelmaking Coal Portfolio") to Dhilmar Limited ("Dhilmar") for a cash consideration of up to US$3.875
billion ("the Transaction").
The agreed cash consideration of up to US$3.875 billion comprises an upfront cash consideration of
US$2.3 billion payable by Dhilmar at completion and a price-linked earnout1 of up to US$1.575 billion.
Anglo American will use the cash proceeds to reduce net debt.
Duncan Wanblad, CEO of Anglo American, said: "Our agreement for Dhilmar to acquire our steelmaking
coal business in Australia is testament to the high quality of these assets and our people. Dhilmar's
leadership brings considerable experience of operating major mining assets, including in steelmaking
coal, in Southeast Asia and Canada. We will work together with the Dhilmar team and with our workforce,
local communities, government, customers, and partners to ensure a successful transition.
"This agreement represents another major step in the simplification of our portfolio ahead of completing
our merger with Teck. Through this transaction, we will complete our exit from steelmaking coal,
delivering aggregate cash proceeds of up to US$4.9 billion, given the prior completion of the sale of our
interest in the Jellinbah mine for approximately US$1 billion."
The Transaction is subject to a number of conditions, including customary competition and regulatory
clearances, and pre-emption arrangements. The upfront cash consideration is subject to normal
completion adjustments and completion is expected by the first quarter of 2027.
Anglo American's Steelmaking Coal Portfolio consists primarily of an 88.0% interest in the Moranbah
North and Grosvenor joint ventures; a 70% interest in the Capcoal joint venture; an 86.36% interest in
the Roper Creek joint venture; a 51.0% interest in the Dawson joint venture, Dawson South joint venture,
Dawson South Exploration joint venture and the Theodore South joint venture; and a 50.0% interest in
the Moranbah South joint venture.
In parallel with the Transaction, Anglo American continues to pursue the arbitration with Peabody in
relation to its November 2024 agreement to acquire the Steelmaking Coal Portfolio. Anglo American
remains confident that the incident at Moranbah North relied upon by Peabody in support of its
purported termination of its agreement did not constitute a Material Adverse Change.
Footnotes:
1 The price-linked earnout comprises uncapped annual payments (calculated quarterly) of up to US$1.575 billion in aggregate,
applicable for five years starting from the first day of the quarter following the transaction completion date. The quarterly
payment will be calculated as 50% of incremental revenue post royalties from equity coal production above agreed
metallurgical and thermal coal index prices. The precise trigger prices above which payments are made differ by product, but
broadly align to PLV HCC Benchmark prices of US$259/t inflated annually by US CPI from completion.
About Dhilmar
Dhilmar is a privately held, UK-registered mining company whose leadership brings significant experience
in mining operations and investments in established mining jurisdictions and across a range of
commodities, in both surface and underground operations. In 2025, Dhilmar acquired from Newmont
Corporation the Éléonore gold mine in Canada where it has maintained a strong safety, environmental,
and social performance record. The acquisition of Anglo American's Steelmaking Coal portfolio reflects
Dhilmar's continued focus on owning and operating long-life mining assets and its commitment to
sustainable mining practices.
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 Wade Haggarty
rebecca.meeson-frizelle@angloamerican.com wade.haggarty@angloamerican.com
Tel: + 44 (0)20 7968 1374 Tel: +44 (0)20 7968 1464
South Africa Nathan Morgan
Nevashnee Naicker nathan.morgan@angloamerican.com
nevashnee.naicker@angloamerican.com Tel: +44 (0)20 79682154
Tel: +27 (0)11 638 3189
Ernest Mulibana
ernest.mulibana@angloamerican.com
Tel: +27 (0)82 263 7372
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 mineral 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 Sustainability Strategy commits us to a series of
stretching goals over different time horizons to ensure we build trust as a corporate leader, contribute to
a healthy environment and help create thriving communities. 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 optimisation, and Growth. The sale of our steelmaking coal and nickel businesses and the
separation of our iconic diamond business (De Beers) continue to progress and once completed, will focus
Anglo American on its world-class resource asset base in copper, premium iron ore and crop nutrients.
www.angloamerican.com
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This document has been prepared without reference to your particular investment objectives, financial situation,
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Throughout this document a range of financial and non-financial measures are used to assess our performance,
including a number of financial measures that are not defined or specified under IFRS (International Financial
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Accordingly, it may not be comparable with similarly titled measures and disclosures by other companies.
©Anglo American Services (UK) Ltd 2026.
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)
Date: 18-05-2026 08:00:00
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