After more than a year on the market, Anglo American has sold its 70% share in the Foxleigh met coal operation in Australia to Sydney-based Taurus Fund Management. Financial terms for the deal, which is still pending and should close within the next few months, are being kept confidential. The producer first bought its share in 2007.
Anglo’s attributable share of saleable production from the Queensland open-cut complex outside of Middlemount in the Bowen Basin totaled 1.86 million metric tons (mt) last year. Foxleigh’s sale helps make good on a projection by South African-headquartered Anglo earlier this year that it would cut its portfolio from 45 assets to 16 and concentrate on its core metal/nonmetal assets.