First-quarter production report reassures investors coal sale is on track
Anglo American has reported a strong operating performance for the three months ended March, reaffirming production and cost guidance across its commodities. Anglo American is on track to sell its Australian steelmaking coal business in the second quarter of 2026, nearly nine months after an underground explosion derailed its first deal.reported that at least three potential buyers were interested in the group’s coal assets, sending shares in Anglo to three-year highs.
Australian miner Stanmore Resources, Japan’s Mitsubishi Corp and Indonesia-based PT Buma Internasional Grup were among the bidders, it said. Anglo did not comment on the report but said in its first-quarter production report on Tuesday that it had resumed normal operations at Moranbah North and that a sale process was “progressing well”.
Moranbah, the largest of Anglo’s four steelmaking coal mines in Western Australia, was the subject of the failed $3.7bn deal, which threw a spanner in the works of Anglo’s restructuring plans last year. US-based Peabody Energy withdrew its $3.7bn bid for the steelmaking coal mines in August, following a protracted period of talks which ended inSecuring a new buyer for the coal mines is an essential step in Anglo’s ongoing portfolio restructuring, which focuses the group entirely on copper, iron ore and potash.
Over the past year it has sold off its platinum group metals and nickel businesses. The sale of De Beers continues, overshadowed by a weak diamond market which has made it tough to secure attractive offers. In its latest update, Anglo CEO Duncan Wanblad said the company was progressing the sale process for the iconic diamond business, and that it continued to “assess further cost and capital preservation measures to minimise the impact from challenging diamond markets.
” Against this backdrop, the group continues to move steadily through the regulatory approval process for its mega merger with Canadian copper group Teck Resources. This deal is expected to close between September 2026 and March 2027, creating the world’s fifth-largest copper miner.
“Although we both continue to operate separately until closing, the integration planning is progressing well, ensuring that once the transaction closes, we will be well positioned to begin delivering the exceptional value and expected synergies that we have identified,” said Wanblad. The group reported a strong operating performance for the three months ended March, reaffirming production and cost guidance across its commodities.
Copper production was up 1% year on year at 170,400 tonnes thanks to higher throughput at the Chilean Los Bronces and Collahuasi mines. Iron ore output edged down 2% to 15.2-million tonnes thanks to slightly lower production at both Kumba in South Africa and Minas-Rio in Brazil. The nickel business, the sale of which to Singapore’s MMG Resources is navigating the EU’s anti-trust approval process, posted a 7% decline to 9,100 tonnes thanks to maintenance needs.
Manganese ore production increased by 118% to 759,100 tonnes, reflecting increased production levels following the temporary suspension caused by a tropical cyclone in Australia in March 2024. Meanwhile, Moranbah’s explosion continued to pressure the group’s coal output even as the mine returned to normal operations. Steelmaking coal production was 31% lower in the first quarter at 1.5-million tonnes.
Anglo American Coal Sale Australian Coal Mines Moranbah North Steelmaking Coal Mining Mergers
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