Anglo American has offloaded its stake in a Colombian mine as the mining giant finalises its shift away from thermal coal.
The London-listed company today said it has sold its 33.3 per cent interest in the Cerrejon joint venture to rival Glencore for $294m (£211m).
“Today’s agreement marks the last stage of our transition from thermal coal operations,” said Mark Cutifani, chief executive of Anglo American.
“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.”
Cerrejon is one of the largest surface mining operations in the world, moving 550m tonnes of material a year.
Glencore and BHP currently each also own a third of the joint venture. Glencore intends to buy both Anglo American’s and BHP’s stakes, giving it full ownership.
The deal is subject to a number of competition authority and other regulatory approvals and is expected to complete in the first half of 2022.