JOHANNESBURG (miningweekly.com) – Mining giant Anglo American has completed the sale of its 70% interest in the Foxleigh metallurgical coal mine, in Queensland, to a consortium led by Australian fund manager Taurus Fund Management.
The mining group entered into a sale and purchase agreement with the Taurus Fund Management-led consortium in April this year. The terms of the transaction were confidential.
The disposal of the Foxleigh mine, south-west of Middlemount, forms part of Anglo American’s wider plan to raise between $3-billion and $4-billion from asset sales to repay its debt and to refocus the group as a diamond, platinum and copper miner.
Anglo’s attributable share of Foxleigh’s saleable production was 1.8-million tonnes in 2015.
Anglo spent $620-million in 2007 to acquire 70% of the Foxleigh opencast mine, in which Korean steel company Posco and Japanese trading and mining investment company Itochu hold the remaining 20% and 10% interests respectively.