Anglo American PLC said on Wednesday it has completed the sale of its minority interest in Jellinbah Group Pty Ltd to Zashvin Pty Ltd earlier than expected.

Jellinbah is a joint venture that owns a 70% interest in the Jellinbah East and Lake Vermont steelmaking coal mines in Australia.

Under the terms of the transaction, Anglo American has received A$1.4 billion in addition to the A$228 million already received for its 33.3% stake in Jellinbah. Total cash proceeds amount to A$1.6 billion, or about $1.0 billion.

Anglo American first announced the Jellinbah deal early in November last year. The transaction was originally expected to conclude in the second quarter of 2025. The Jellinbah sale wraps up the disposal of Anglo American’s steelmaking coal business, which forms part of its new strategy to divest some assets, including Anglo American Platinum Ltd and De Beers.

Late in November 2024, Anglo American struck a deal that saw St Louis, Missouri-based Peabody Energy Corp buy the Grosvenor mine in Queensland, Australia, the remaining steelmaking coal portfolio, for $3.78 billion.

Zashvin was an existing 33.3% shareholder in Jellinbah, alongside Anglo American and Marubeni.

Anglo American did not operate the Jellinbah mines, nor did it market any of the production volumes from Jellinbah.

‘We are pleased to complete this first step in the divestment of our steelmaking coal portfolio, realising $1 billion of cash proceeds sooner than expected, further strengthening our balance sheet,’ Anglo American Chief Executive Officer said.

Shares in Anglo American were down 0.9% R 548.91 on Wednesday morning in Johannesburg, before the market open in London.

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