Anglo American close to selling Aussie coal, wins claim to iron ore mine

While its Kumba iron ore subsidiary confirmed exclusive rights to the Sishen mine in South Africa, Anglo American was reported to be close to agreeing at least a $1bn sale of its Australian coal assets.

The FTSE 100 company was said to be weeks away from finalising the sale to a consortium led by private equity group Apollo Global Management, Reuters reported on Thursday afternoon.

Sources differed between whether the sale would be completed next week or within the next month, and would follow the sale of its niobium and phosphates businesses in Brazil to China Molybdenum last month for a net $1.5bn cash as it looks to pay down debt.

Meanwhile, Kumba Iron Ore was granted a final 21.4% share of the mining rights for the Sishen mine after an appeal process by South Africa's Department of Mineral Resources.

Kumba is now the sole and exclusive holder of the right to mine iron ore and quartzite at the Sishen mine.