Anglo American has entered an agreement with a consortium led by Taurus Fund Management to sell its 70 per cent interest in the Foxleigh metallurgical coal mine.
Foxleigh is an open-cut coal operation 12km south-west of Middlemount in the Bowen Basin which produces high quality pulverised coal injection (PCI) coal.
The transaction will involve a sale of shares in the subsidiary companies holding Anglo American’s interest in Foxleigh and remains subject to several conditions.
Anglo American said this included Taurus purchasing Anglo American’s shares in the company that employed the majority of site-based employees.
“These employees will continue to be employed by Anglo Foxleigh during and upon completion of the transaction,” the company said in a statement released today.
“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.”