London - Anglo American [JSE:AMS] agreed to sell its Dartbrook coal mine in Australia for about $36m as the company sheds assets as part of a drastic downsizing.
The producer will sell its 83% stake in the project to Australian Pacific Coal, the London-based company said in a statement on Thursday. Anglo will also receive a royalty payment for every ton of coal mined or processed at the site.
Anglo American, the worst-performing company in the benchmark FTSE 100 index this year, announced plans this month to cut by more than half the number of mines it owns and eventually lower employee numbers to 50 000, from 135 000. The producer is seeking to transform the business to help weather a collapse in commodity prices.
It will focus on copper, diamond and platinum assets, while CEO Mark Cutifani has said that bulk commodities such as iron ore and coal are suffering from chronic oversupply and would remain challenging markets.
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