British multinatinaional mining giant Anglo American has sold its Australia-based steelmaking coal business to US coal miner Peabody Energy for around $3.8 billion
Peabody’s agreed cash consideration of up to $3.775 billion comprises an upfront cash consideration of $2.05 billion at completion deferred cash consideration of $725 million the potential for up to $550 million in a price-linked earnout and contingent cash consideration of $450 million linked to the reopening of the Grosvenor mine in Queensland which was suspended earlier this year after a fire.
Peabody Energy, headquartered in Missouri, said in a statement the move will help it meet increasing demand from Asian...
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