Glencore to buy out Anglo American and BHP at coal mine – by Greg Roxburgh(Alliance News – June 28, 2021)

https://www.morningstar.co.uk/

(Alliance News) – Glencore PLC on Monday said it has agreed to buy out its Cerrejon coal mine joint venture partners, Anglo American PLC and BHP Group PLC, for USD588 million.

For London-based Anglo American, the sale will mark the wide-ranging miner’s exit from thermal coal. Anglo will be selling its 33% stake in the Colombian mine for USD294 million.

“Today’s agreement marks the last stage of our transition from thermal coal operations,” said Anglo American Chief Executive Mark Cutifani.

Melbourne-based BHP’s 33% stake will be bought for around USD294 million as well, bringing the total price tag for Glencore to USD588 million.

“Selling BHP’s financial interest to a current Cerrejon shareholder who understands the operation represents a strong outcome for Cerrejon and the stakeholders it supports,” BHP said in a statement.

For the rest of this article: https://www.morningstar.co.uk/uk/news/AN_1624868782798022900/top-news-glencore-to-buy-out-anglo-american-and-bhp-at-coal-mine.aspx

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