AngloAmerican, one of the world’s largest mining companies, has agreed to sell its 83.33% interest in the Dartbook coal mine to Australian Pacific Coal (APC) for a reported fee of $50 million.
The company said the payment structure will see APC provide upfront cash payment of A$25 million, with the rest to be received in the form of royalty payments.
The sale of the Dartbook coal mine is part of AngloAmerican’s divestment strategy aimed at consolidating the company’s financial position following the reported $3 billion loss at the beginning of the year.
The transaction, which is expected to be completed by mid-2016, is subject to several conditions precedent, including the waiver of pre-emption rights by Anglo American’s joint venture partner, Marubeni Coal Pty Ltd, and the receipt of local and federal government consents for the transfer of the mining and exploration rights related to the operation.
The Dartbook coal mine has been on care and maintenance since 2006.
