Anglo American completes £376m coal asset sale

23rd Dec 2010 08:18

Anglo American has completed the sale of interests in five undeveloped coal assets in Australia for A$577m (£376m) to a consortium that includes Korea Electric Power Corporation, POSCO and Cockatoo Coal.The sale, first flagged in July, sees Anglo offload the predominantly thermal coal assets.These include two wholly-owned underground coal deposits in New South Wales - Bylong and Sutton Forest - and Anglo's share in three open cut coal deposits in Queensland - Collingwood, Ownaview and Taroom - in which it has a 51% stake. Mitsui owns the rest.The deal completed on schedule.