Economy

Exxaro weighing options for Australian coal JV amid Anglo's planned exit

Date: Jun 25, 2024

South Africa's (SA) Exxaro Resource is weighing its options for its Australian coal joint venture project with Anglo American Plc following the mining giant's planned exit from the business, an executive said on Tuesday.

The SA coal miner and Anglo equally own the Moranbah South metallurgical coal project in Queensland.

On May 14, Anglo announced plans to spin off or sell its coal, nickel, diamond and platinum businesses to focus mainly on energy transition metal copper.

While Exxaro is not currently evaluating any of the assets to be put up for sale by Anglo, it was assessing the joint venture project, chief growth officer Richard Lilleike said during a pre-close call.

"We will review our options under the Moranbah South joint venture agreement as and when any offers are made," Lilleike said.

Asked if Exxaro has pre-emptive rights over Moranbah, Exxaro Chief Financial Officer Riaan Koppeschaar said the company was currently reviewing the joint venture agreement.

--Reuters--

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