Anglo American sold its 33.3% interest in the El Cerrejón joint venture to Glencore for $294 million, representing the final stage of Anglo American’s previously announced exit from thermal coal mining operations. Glencore and BHP currently each also hold a 33.3% interest in El Cerrejón. Glencore intends to acquire both Anglo American’s and BHP’s interests and will thereby assume full ownership of El Cerrejón upon completion.

“Today’s agreement marks the last stage of our transition from thermal coal operations, Anglo American CEO Mark Cutifani said. “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.”

The transaction, which is subject to regulatory approvals, is expected to close in the first half of 2022.