Anglo American has agreed to sell a 12% interest in its Grosvenor mine in Queensland, Australia, to a consortium of Japanese companies for about US$141 million. This consortium, comprised of Nippon Steel Corp., Mitsui & Co. Ltd, Nippon Steel Trading Corp., Shinsho Corp. and JFE Mineral Co. Ltd., also owns 12% of the long-established Moranbah North mine.
The more recently commissioned Grosvenor mine was developed by Anglo American and came onstream in 2016. The Grosvenor mine uses Moranbah North’s coal processing infrastructure, where numerous debottlenecking, expansion and product blending options offer considerable cost, productivity and margin benefits for the integrated operation.
“The alignment of ownership interests across the Moranbah-Grosvenor operation is an important step forward as we unlock the considerable additional value that we see,” CEO of Bulk Commodities at Anglo American Seamus French said. “Our ability to expand the plant, debottleneck various processes, and have the flexibility to blend our naturally high-quality products more effectively, all support the long-term competitiveness of what is already a world-class asset. I am pleased to be building on the successful relationships with our joint venture partners in delivering Moranbah-Grosvenor’s full potential for the benefit of all our stakeholders.”