Anglo American plc announced on June 28 that it has entered into an agreement for the sale of its 33.3% interest in the Cerrejón joint venture  to Glencore plc for a total cash consideration of approximately US$294 million, representing the final stage of Anglo American’s previously announced transition from thermal coal operations. (Logo quoted from Yahoo’s image)

Mark Cutifani, Chief Executive of Anglo American, said: “The agreement marks the last stage of our transition from thermal coal operations. During that transition, we have sought to balance the expectations of our wide range of different stakeholders as we have divested our portfolio of thermal coal operations, in each case choosing the exit option most appropriate for the asset and its distinct local and broader circumstances.”

Glencore and BHP currently each also hold a 33.3% interest in Cerrejón. Glencore intends to acquire both Anglo American’s and BHP’s interests and will thereby assume full ownership of Cerrejón upon completion.

The Transaction is subject to a number of competition authority and other regulatory approvals and is expected to complete in H1 2022.

(IRuniverse)