Anglo expected to spin out Amplats by mid2025
Sale comes days before expiry of BHP 6month freeze on approach
Anglo shares rise 2.4

LONDONMELBOURNE Nov 25 Reuters Anglo American agreed on Monday to sell its remaining Australian steelmaking coal mines to Peabody Energy for up to 3.78 billion in cash, the first major disposal in a wider restructuring plan.

The Londonlisted miner is reshaping its business to focus on copper after fending off a 49 billion takeover bid from larger rival BHP in May, betting on disposals to increase value and ward off unwanted suitors.

Anglo39;s share price was up 2.4 by 0829 GMT.

Peabody39;s deal comprises an upfront payment of 2.05 billion at completion, deferred cash consideration of 725 million and the potential for up to 550 million. It also includes a contingent cash consideration of 450 million linked to the reopening of the Grosvenor mine after a fire broke out there in June, Anglo American said in a statement.

Portfolio manager Ben Cleary at Tribeca Investment Partners, whose firm counts Anglo as its largest holding said that the miner received a good price.

A decent amount of cash and the deferred element seems sensible, he added.

Peabody will buy Moranbah North, Grosvenor, Aquila, and Capcoal located in Australia39;s Bowen Basin. Anglo39;s Dawson mine will be sold on for 455 million to a unit of Indonesia39;s Delta Dunia Group which runs the BUMA coal mining services business, in a backtoback transaction, Peabody said.

The…