Anglo American agreed to sell its 88.17% stake in the Drayton coal mine to Malabar Coal, for an undisclosed sum, it has been announced.
Anglo ceased mining operations at the New South Wales mine last year. The sale marks further progress as the company focuses its global portfolio around its “largest and most competitive assets”, according to Anglo CEO Mark Cutifani.
Malabar Coal chairman Wayne Seabrook said that his company was in a position to use Drayton’s infrastructure to realise efficiencies at the site, and “most importantly, reduce the impact of its operations on the local community, neighbours and the environment.”
Drayton’s infrastructure is expected to complement Malabar Coal’s Spur Hill underground coking coal project, the AFR reports.