Anglo American, a diversified global mining conglomerate managed by South African industrialist Duncan Wanblad, has completed a $1.1 billion transaction to sell its 33.3% ownership in Jellinbah conglomerate Pty Ltd. to Australian firm Zashvin Pty Limited.
This arrangement allows Zashvin to strengthen its position in Queensland’s coal sector by acquiring Anglo’s minority stake in the Jellinbah East and Lake Vermont steelmaking coal mines.
Zashvin, which already has a one-third share in Jellinbah alongside Anglo American and Marubeni Corporation, hopes to strengthen its presence in Australia’s steelmaking coal market with this acquisition. Anglo American does not operate or market these mines, which are classified as non-operated assets. The sale is expected to close in the second quarter of 2025, subject to regulatory approval.
“We are pleased to have reached an agreement with our partner Zashvin for the sale of our minority stake in Jellinbah. The $1.1-billion cash proceeds reflect the strong quality of the Jellinbah assets,” said Duncan Wanblad, CEO of Anglo American. “This is a key step in our strategy to exit the steelmaking coal sector in Australia, with more sales planned in the coming months.”
James Xu, representing Zashvin, emphasized the long-term vision behind the acquisition and its alignment with local community interests. “Jellinbah’s strength lies in enduring partnerships, and we appreciate Anglo American’s role in this journey. Our expanded stake reinforces our confidence in Queensland’s coal sector and our commitment to central Queensland’s communities,” Xu said.
According to Wanblad, the deal represents an important aspect of Anglo American’s aim to improve its portfolio. “We are reshaping Anglo American into a focused investment offer based on world-class assets in copper, premium iron ore, and agricultural nutrients—all of which are crucial to future growth. This reduced portfolio will improve cash flow and resilience, with aspirations to boost annual copper output to more over one million tons by the early 2030s.
Anglo American is a British multinational mining firm that is the world’s largest producer of platinum, diamonds, copper, nickel, iron ore, polyhalite, and steelmaking coal. It has activities in Africa, Asia, Australia, Europe, North America, and South America.
Following Mark Cutifani’s resignation in April 2022, Wanblad led the company to key milestones in portfolio optimization. Anglo American recently announced the sale of two royalty stream properties, which generated up to $195 million in cash.
In 2023, Anglo American’s 33.3 percent stake in Jellinbah generated $779 million in group revenue and $373 million in underlying EBITDA. In the first half of 2024, the interest earned $354 million in revenue and $153 million in EBITDA, demonstrating the value of this strategic asset ahead of its upcoming disposal.