Anglo American announces sale of Foxleigh metallurgical coal mine

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Floxleigh mine worker oversees coal being washed Image credit: australia.angloamerican.com

Anglo American has agreed to sell its 70% interest in the Foxleigh metallurgical coal mine in Queensland to a consortium led by Taurus Fund Management for an undisclosed fee.

Floxleigh mine worker oversees coal being washed Image credit: australia.angloamerican.com
Floxleigh mine worker oversees coal being washed
Image credit: australia.angloamerican.com

The giant miner said the transaction – subject to several conditions precedent – will be executed via a sale of shares in the subsidiary companies holding Anglo American’s interest in Foxleigh.

Foxleigh is an open cut coal operation located in Queensland’s Bowen Basin, 12 kilometres southwest of Middlemount.

The mine was acquired by Anglo American in 2007 and produces around 1.8 million tonnes per annum of pulverised coal injection (PCI) coal for the iron and steelmaking industry.

The remaining 30% interest in Foxleigh is held by POSCO (20%) and Nippon Steel & Sumimoto Metal Australia (10%).

Sydney-based Taurus Fund Management is an independent, global fund manager  whose clients include institutional and high net worth (wholesale) investors.

The company specialises in investment products based on the mined commodities industry. Taurus was founded in 2006 and now manages two private equity funds and a mining finance fund with assets under management in excess of US$1 billion.