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Anglo American to sell stake in Australian steelmaking coal mines for $1.1 bln

UK-based Anglo American stated on Monday that it will sell its minority stake in a joint venture that owns a 70%. interest in the Jellinbah East and Lake Vermont steelmaking coal. mines in Australia, for A$ 1.6 billion (about $1.1 billion).

The business, which owns 33.3% of Jellinbah Group - the. operator of the Queensland-based mines - will offer the stake to. Zashvin Pty Ltd, an Australian electric power generation. center operator that already owns a one-third interest in the. mines.

Japanese conglomerate Marubeni owns the remaining. stake.

Our process to offer the rest of our steelmaking coal. organization - being the portfolio of steelmaking coal mines that we. run in Australia - is now at an advanced stage and we are on. track to concur terms in the coming months, Anglo American's CEO. Duncan Wanblad stated in a declaration.

The firm remains in the middle of restructuring its company after. warding off a $49 billion takeover from bigger rival BHP Group. in May.

(source: Reuters)