Anglo to start nickel assets sale process this year
Takes 1.6 bln writedown on fertiliser project

LONDON, July 25 Reuters Anglo American took a further 1.6 billion writedown on its British fertiliser project on Thursday but said it expects to reach a deal to sell its coal assets by early 2025 despite a fire at one of its mines.

CEO Duncan Wanblad is under pressure to boost returns to investors and demonstrate he can deliver on his May 14 plan to radically refocus the company on copper and iron ore, after fighting off a 49 billion takeover attempt from bigger rival BHP Group.

Wanblad aimed to get an early start by selling Anglo39;s coking coal assets in Australia, but a fire at its Grosvenor mine threatens to delay a deal and hit its valuation.

Anglo said the company plans to conduct a twostage auction process for the coal assets, including Grosvenor, adding that the mine would probably only resume operations under a new owner.

There are so many interested potential buyers for this set of assets, Wanblad told reporters.

Our expectation is that hopefully by the end of this year, very early next year…we will have a deal, he added.

According to analysts at Jefferies, Grosvenor accounts for about 30 of the 4.5 billion value the brokerage attributes to Anglo39;s steelmaking coal business.

Anglo39;s shares were down around 1 by 0830 GMT.

The CEO said Anglo is still looking for partners at its Woodsmith fertiliser project in northern England. Despite the latest…