Anglo American (LON:AAL) has agreed the sale of five undeveloped coal assets in Australia, for US$500m in cash to a consortium, consisting of Korea Electric Power Corporation (NYSE:KEP), POSCO (The Pohang Iron and Steel Company) (NYSE:PKX) and Cockatoo Coal (ASX:COK).
Overall the undeveloped coal assets have a total estimated JORC compliant attributable resource of 847 million tonnes (Mt).
The consortium will acquire two wholly-owned underground coal deposits in New South Wales, Bylong and Sutton Forest, as well as Anglo American's share in three open cut coal deposits in Queensland, Collingwood, Ownaview and Taroom.
The Queensland assets are jointly owned through a partnership between Anglo American (51%) and privately-owned Japanese conglomerate the Mitsui Group (49%).
Anglo American noted that the transaction, in addition to the customary conditions, is subject to Cockatoo Coal Limited obtaining necessary finances, and Mitsui's pre-emptive rights over the Queensland assets.
The transaction is expected to be completed in the fourth quarter of 2010.
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