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Anglo American coal bidders to three, say sources

The final bidders for Anglo American's Australian coal assets are down to Yancoal Australia, Stanmore Resources and Peabody Energy Corp, three sources with knowledge of the matter told Reuters.

The final quote submissions are due on Wednesday, said among the sources, who asked to remain unidentified.

Yancoal, Peabody and Anglo American decreased to talk about the bidding procedure. Stanmore did not right away respond to a. ask for comment.

Anglo is acting on a strategy to restructure its company by. offering and divesting undesirable assets after eradicating a $49. billion takeover quote from larger competing BHP Group in. May.

That has actually kicked off with the sale of its portfolio of five. steelmaking coal possessions in Australia - Moranbah North,. Grosvenor, Capcoal, Dawson and Jellinbah.

Anglo recently accepted offer a 33.3% stake in a joint. endeavor that owns a 70% interest in the Jellinbah East and Lake. Vermont steelmaking coal mines for A$ 1.6 billion ($ 1.04. billion).

The sales would end Anglo's active mining operations in. Australia however it will continue exploration activities in the. country.

The sales process is anticipated to conclude by the end of the. month, when a freeze on BHP making a technique for Anglo set. down by the UK takeovers legislation expires.

Experts at Jefferies estimated the worth of the five properties. at $4.5 billion before a fire at its Grosvenor mine earlier this. year.

(source: Reuters)