US-based coal producer Peabody Vitality is reviewing its choices concerning the $3.78bn (£2.93bn) acquisition of Anglo American’s Tier 1 Australian steelmaking coal property, introduced in November final 12 months.
The transfer follows a fireplace final week that halted manufacturing on the Moranbah North coal mine, which is included within the deal.
The acquisition was set to be closed by mid-2025.
Peabody acknowledged that it was in discussions with Anglo American to determine the implications of the incident and meant to keep up all rights and protections stipulated within the buy agreements.
Anglo American has been cooperative, offering Peabody with particulars on the suspension at Moranbah North, reported Reuters.
The corporate stated in an emailed assertion: “On the mine, situations stay secure as we progress with growing our staged re-entry administration plan and threat evaluation.”
Peabody has additionally begun preliminary talks with potential traders for everlasting financing of the acquisition.
The deal for Anglo American’s property included a $2.05bn upfront fee upon completion, deferred money consideration of $725m and doubtlessly a further $550m.
It additionally featured a contingent money consideration of $450m linked to the reopening of the Grosvenor mine, which skilled a fireplace in June, previous to the acquisition.
Apart from Moranbah North coal mine, the Grosvenor, Aquila and Capcoal coal mines in Queensland’s Bowen basin are additionally a part of the acquisition.
This acquisition represents Anglo American’s first vital divestiture as a part of a broader restructuring technique.
The London-listed firm, which final 12 months rejected a $49bn (A$79.24bn) takeover bid from mining big BHP Group, has dedicated to promoting its nickel and coal property.
Additionally it is within the strategy of divesting from platinum and diamonds to focus on copper and iron ore sectors.
“Peabody evaluations Anglo American coal property acquisition after mine hearth” was initially created and printed by Mining Expertise, a GlobalData owned model.
The knowledge on this website has been included in good religion for normal informational functions solely. It isn’t meant to quantity to recommendation on which it is best to rely, and we give no illustration, guarantee or assure, whether or not categorical or implied as to its accuracy or completeness. It’s essential to get hold of skilled or specialist recommendation earlier than taking, or refraining from, any motion on the premise of the content material on our website.
US-based coal producer Peabody Vitality is reviewing its choices concerning the $3.78bn (£2.93bn) acquisition of Anglo American’s Tier 1 Australian steelmaking coal property, introduced in November final 12 months.
The transfer follows a fireplace final week that halted manufacturing on the Moranbah North coal mine, which is included within the deal.
The acquisition was set to be closed by mid-2025.
Peabody acknowledged that it was in discussions with Anglo American to determine the implications of the incident and meant to keep up all rights and protections stipulated within the buy agreements.
Anglo American has been cooperative, offering Peabody with particulars on the suspension at Moranbah North, reported Reuters.
The corporate stated in an emailed assertion: “On the mine, situations stay secure as we progress with growing our staged re-entry administration plan and threat evaluation.”
Peabody has additionally begun preliminary talks with potential traders for everlasting financing of the acquisition.
The deal for Anglo American’s property included a $2.05bn upfront fee upon completion, deferred money consideration of $725m and doubtlessly a further $550m.
It additionally featured a contingent money consideration of $450m linked to the reopening of the Grosvenor mine, which skilled a fireplace in June, previous to the acquisition.
Apart from Moranbah North coal mine, the Grosvenor, Aquila and Capcoal coal mines in Queensland’s Bowen basin are additionally a part of the acquisition.
This acquisition represents Anglo American’s first vital divestiture as a part of a broader restructuring technique.
The London-listed firm, which final 12 months rejected a $49bn (A$79.24bn) takeover bid from mining big BHP Group, has dedicated to promoting its nickel and coal property.
Additionally it is within the strategy of divesting from platinum and diamonds to focus on copper and iron ore sectors.
“Peabody evaluations Anglo American coal property acquisition after mine hearth” was initially created and printed by Mining Expertise, a GlobalData owned model.
The knowledge on this website has been included in good religion for normal informational functions solely. It isn’t meant to quantity to recommendation on which it is best to rely, and we give no illustration, guarantee or assure, whether or not categorical or implied as to its accuracy or completeness. It’s essential to get hold of skilled or specialist recommendation earlier than taking, or refraining from, any motion on the premise of the content material on our website.
