Anglo American is hopeful of concluding the sale of its Australian coal mines within weeks with BHP Billiton among the leading bidders, said people who have been close to the sales process.
A sale of the Moranbah and Grosvenor mines would be a key component of Anglo’s debt reduction plans as it tries to persuade investors that it can stave off the consequences of lower commodity prices.
The efforts by Anglo to sell the mines come in spite of global pressure on coal producers because of weak prices and concerns over the fuel’s role in increasing carbon emissions.
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