Anglo American plc (“Anglo American”) has entered into a Sale and Purchase Agreement (“SPA”) with a consortium led by Taurus Fund Management (“Taurus”) to sell its 70% interest in the Foxleigh metallurgical coal mine in Queensland, Australia.
The transaction will be effected via a sale of shares in the subsidiary companies holding Anglo American's interest in Foxleigh. The transaction remains subject to several conditions precedent and its terms are confidential.
Foxleigh is an open cut coal operation which produces high quality pulverised coal injection (PCI) coal, located in Queensland’s Bowen Basin, 12 kilometres south west of Middlemount. Anglo American’s attributable share of Foxleigh’s saleable production was 1.86 million tonnes in 2015.
While the transaction is finalised, safe-operation remains Anglo American’s number one priority.
As part of the transaction, Taurus is purchasing Anglo American’s shares in Anglo Coal (Foxleigh Management) Pty Ltd (“Anglo Foxleigh”), the company that employs the majority of site-based employees. These employees will continue to be employed by Anglo Foxleigh during and upon completion of the transaction.
Taurus will assume all Anglo Foxleigh employee entitlements and site rehabilitation obligations as the new owner upon completion of the sale.
Anglo American will continue to remain respectful to our host communities and local suppliers, and will work with them to make the transition to Taurus’ ownership as smooth as possible.
END, Media contact: Vanessa Davies – 0400 927 185
Notes to editors:
Taurus Fund Management is an independent, global fund manager based in Sydney, Australia whose clients include institutional and high net worth (wholesale) investors. Taurus specialises in investment products based on the mined commodities industry. Its team of geologists, mining engineers, mining financiers, metallurgists and portfolio managers provide the skills and experience for successful investing. Taurus was founded in 2006 and now manages two private equity funds and a mining finance fund with assets under management in excess of US$1 billion.
Anglo American is a globally diversified mining business. Our portfolio of world-class competitive mining operations and undeveloped resources provides the raw materials to meet the growing consumer-driven demands of the world’s developed and maturing economies. Our people are at the heart of our business. It is our people who use the latest technologies to find new resources, plan and build our mines and who mine, process and move and market our products – from diamonds (through De Beers) to platinum and other precious metals and copper – to our customers around the world.
As a responsible miner, we are the custodians of those precious resources. We work together with our key partners and stakeholders to unlock the long-term value that those resources represent for our shareholders, but also for the communities and countries in which we operate – creating sustainable value and making a real difference.