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Anglo sells off more Aussie assets

5 Apr 2016

Anglo American has sold more than a 70% stake in an open cut coal mine in Queensland, Australia to raise up to $6bn from disposals by the end of this year.

A consortium led by Taurus Fund Management, an Australian fund manager specialising in the commodities industry, has agreed to buy Anglo’s holding in the Foxleigh mine, which produces high quality pulverised coal injection coal. Anglo’s share of production last year amounted to 1,86m tonnes.

The mining house raised the target for the amount of money it needs to raise to $5bn-$6bn by the end of this year, so it can survive the weak commodities market. It expects to raise $3bn-$4bn from selling projects this year, on top of $21bn from 2015.

Last year, Anglo sold its 83,33% interest in the Dartbrook coal mine in the Hunter Valley, New South Wales, Australia in its disposals drive.