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.
Swiss zinc smelter Nyrstar said on Thursday it would invest A$400 million ($284 million) to build an electrolysis plant in Hobart as it looks to bolster the metal’s production in Australia.
The investment includes funding of A$50 million from the Federal Coalition and A$20 million from the Tasmanian government.
Demand for zinc, a key element used in batteries and solar cells, has soared as the world transitions from fossil fuels to renewable sources of energy, with the commodity’s price also getting a boost from the Ukraine crisis.
The project has received regulatory approvals from the Environment Protection Authority of Tasmania and the Glenorchy City Council, the company said.
($1 = 1.4085 Australian dollars)
(By Upasana Singh; Editing by Anil D’Silva)
Comments