Looks like Anglo are selling their coal assets and focusing on...

Looks like Anglo are selling their coal assets and focusing on diamonds, platinum and copper according to the below article. RRP may have picked up a bargain buy here seeing Anglo paid $620 million buying it in 2007. This deal is getting alot of media attention and the more i look into Taurus they are serious players in the resource investing game and are making a big play here into these coal assets. Other articles suggest they are picking this asset up to on sell later as coal assets pick up.

Australian fund buys Anglo’s stake in Queensland’s Foxleigh mine


29th August 2016

By: Megan van Wyngaardt
Creamer Media Contributing Editor Online
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JOHANNESBURG (miningweekly.com) – Mining giant Anglo American has completed the sale of its 70% interest in the Foxleigh metallurgical coal mine, in Queensland, to a consortium led by Australian fund manager Taurus Fund Management.
The mining group entered into a sale and purchase agreement with the Taurus Fund Management-led consortium in April this year. The terms of the transaction were confidential.
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The disposal of the Foxleigh mine, south-west of Middlemount, forms part of Anglo American’s wider plan to raise between $3-billion and $4-billion from asset sales to repay its debt and to refocus the group as a diamond, platinum and copper miner.
Anglo’s attributable share of Foxleigh’s saleable production was 1.8-million tonnes in 2015.
Anglo spent $620-million in 2007 to acquire 70% of the Foxleigh opencast mine, in which Korean steel company Posco and Japanese trading and mining investment company Itochu hold the remaining 20% and 10% interests respectively.

http://www.miningweekly.com/article...stake-in-queenslands-foxleigh-mine-2016-08-29