Anglo American Plc said on Monday it has agreed to sell its five steelmaking coal mines in Queensland to Dhilmar for up to $5.43bn, ending months of uncertainty around a portfolio that also includes the Moranbah North Mine, Grosvenor Mine, Capcoal, Roper Creek, Dawson South and Theodore South joint ventures.
The deal goes beyond pits and processing plants. It also includes the town of Middlemount, where Anglo American provides housing, a shopping centre, childcare and a medical centre, underscoring how deeply the company’s coal business is tied into the daily life of the community.
Duncan Wanblad, Anglo American’s chief executive, said Dhilmar’s leadership “brings considerable experience of operating major mining assets, including in steelmaking coal, in Southeast Asia and Canada.” He said the company would “work together with the Dhilmar team and with our workforce, local communities, government, customers, and partners to ensure a successful transition.” Anglo American said the cash proceeds would be used to reduce net debt.
The sale follows a failed attempt to dispose of the same portfolio in November 2024, when Anglo American agreed to sell it to Peabody Energy. Peabody later pulled out after a fire at Moranbah North and invoked a material adverse change clause. Anglo American has alleged Peabody wrongfully cancelled the transaction and said it continued to pursue arbitration over the November 2024 agreement.
Anglo American said the incident at Moranbah North did not amount to a material adverse change. The new sale is still subject to conditions, including the usual competition and regulatory clearances as well as pre-emption arrangements, but it gives Anglo American a fresh route to exit an asset group that has already been the center of a legal dispute and a broken deal.
For Dhilmar, the purchase would hand over a major Queensland coal portfolio with immediate operational and community responsibilities. For Anglo American, it is a cleaner break if the approvals come through: less debt, fewer legal distractions and a final exit from a sale process that has already taken far longer than the company wanted.
