Table of Contents
Key Points
- Anglo American finalizes $1.1-billion sale of 33.3% stake in Jellinbah Group to Zashvin Pty Limited.
- Zashvin aims to strengthen its position in Queensland's coal sector through this acquisition.
- CEO Wanblad has driven significant portfolio optimization since succeeding Mark Cutifani in April 2022.
Anglo American, a diversified global mining group led by South African businessman Duncan Wanblad, has successfully concluded a $1.1-billion deal to divest its 33.3-percent stake in Jellinbah Group Pty Ltd. to Australian firm Zashvin Pty Limited.
This transaction enables Zashvin to deepen its foothold in Queensland’s coal sector by acquiring Anglo’s minority share in the Jellinbah East and Lake Vermont steelmaking coal mines.
Anglo American's strategic shift from coal
Zashvin, which already owns a one-third stake in Jellinbah with Anglo American and Marubeni Corporation, seeks to strengthen its position in Australia’s steelmaking coal market through this acquisition. Anglo American does not operate or market these mines, classifying them as non-operated assets. The sale is expected to close by the second quarter of 2025, subject to regulatory approvals.
“We are pleased to have reached an agreement with our partner Zashvin for the sale of our minority stake in Jellinbah. The $1.1-billion cash proceeds reflect the strong quality of the Jellinbah assets,” said Duncan Wanblad, CEO of Anglo American. “This is a key step in our strategy to exit the steelmaking coal sector in Australia, with more sales planned in the coming months.”
James Xu, representing Zashvin, emphasized the long-term vision behind the acquisition and its alignment with local community interests. “Jellinbah’s strength lies in enduring partnerships, and we appreciate Anglo American’s role in this journey. Our expanded stake reinforces our confidence in Queensland’s coal sector and our commitment to central Queensland’s communities,” Xu said.
Wanblad noted that the transaction is a vital part of Anglo American's strategy to refine its portfolio. “We’re transforming Anglo American into a focused investment proposition centered on world-class assets in copper, premium iron ore, and crop nutrients—critical for future growth. This streamlined portfolio will enhance cash flow and resilience, with plans to increase annual copper output to over one million tonnes by the early 2030s.
Anglo American's strategic milestones
Anglo American is a British multinational mining company and the world’s largest producer of platinum, diamonds, copper, nickel, iron ore, polyhalite, and steelmaking coal, with operations spanning Africa, Asia, Australia, Europe, North America, and South America.
Under Wanblad’s leadership, following Mark Cutifani’s departure in April 2022, the company has achieved significant milestones in optimizing its portfolio. Recently, Anglo American announced the sale of two royalty stream assets, generating up to $195 million in cash.
In 2023, Anglo American’s 33.3-percent interest in Jellinbah contributed $779 million to group revenue and $373 million to underlying EBITDA. In the first half of 2024, the interest generated $354 million in revenue and $153 million in EBITDA, underscoring the value of this strategic asset ahead of the impending divestiture.
