Nov 4 Reuters UKbased Anglo American said on Monday that it will sell its minority stake in a joint venture that owns a 70 interest in the Jellinbah East and Lake Vermont steelmaking coal mines in Australia, for A1.6 billion about 1.1 billion.

The company, which owns 33.3 of Jellinbah Group the operator of the Queenslandbased mines will sell the stake to Zashvin Pty Ltd, an Australian electric power generation facility operator that already owns a onethird interest in the mines.

Japanese conglomerate Marubeni owns the remaining stake.

Our process to sell the rest of our steelmaking coal business being the portfolio of steelmaking coal mines that we operate in Australia is now at an advanced stage and we are on track to agree terms in the coming months, Anglo American39;s CEO Duncan Wanblad said in a statement.

The firm is in the midst of restructuring its business after fending off a 49 billion takeover from bigger rival BHP Group in May.

1 1.5156 Australian dollars

Reporting by Prerna Bedi in Bengaluru; Editing by Sonia Cheema

Source Reuters