Anglo American sells Australian coal JV stake for $1.1 billion
Anglo has agreed to sell its 33.3% stake in Jellinbah Group, a JV that owns 70% interest in the Jellinbah East and Lake Vermont coal mines.
Australia’s Fortescue Metals Group said on Tuesday first production at the company’s Iron Bridge Magnetite Project in Pilbara, Western Australia, has been revised to the second half of April.
The company had said in January the project was set to begin production at the end of the March quarter.
On Tuesday, the world’s No. 4 iron ore miner said the project continues to make progress while managing weather impacts on activity and infrastructure at the site.
The Iron Bridge project, which is key to Fortescue’s growth strategy, has faced several issues since its announcement, including the exit of its chief operating officer Greg Lilleyman and two other executives after delays and cost overruns in 2021.
The capital estimate for the project remains unchanged at $3.9 billion, with Fortescue’s share at about $3.0 billion, it said.
(By Echha Jain; Editing by Devika Syamnath and Uttaresh Venkateshwaran)
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