BHP - Anglo American's Coal Asset Sale Faces Hurdle After Fire At Major Mine | Benzinga
Anglo American‘s (OTC:AAUKF) efforts to sell coal assets have hit a significant setback following a fire at its flagship Grosvenor mine in Queensland, Australia.
What Happened: Anglo American has been planning to sell its Australian coal assets, including Grosvenor, as part of a broader restructuring effort to fend off a $49 billion takeover bid from BHP Group (NYSE:BHP).
The fire at Grosvenor is particularly disruptive, given that the mine was expected to produce 2.3 million tons in the first half of the year and 3.5 million tons of Anglo's total 15-17 million tons of steelmaking coal output in 2024.
The fire not only disrupts the company's plans but also temporarily halts the coking coal market. The Grosvenor mine, a producer in Anglo’s portfolio, accounts for about 1.3% of global seaborne coking coal.
The incident ...