Anglo Exits Australian Steelmaking Coal in US$3.875bn Dhilmar Deal

Anglo American has struck a new deal to sell its Australian steelmaking coal business, agreeing to transfer a major Bowen Basin portfolio to Dhilmar for cash consideration of up to US$3.875 billion.

The transaction is a defining portfolio move for Anglo. It completes the group’s exit from steelmaking coal and pushes the company further toward a simplified structure built around copper, premium iron ore and crop nutrients ahead of its planned merger with Teck Resources. Anglo’s own announcement places the transaction value at US$2.3 billion upfront, with a further US$1.575 billion linked to future coal price outcomes. 

The assets are not peripheral. The sale covers Anglo’s steelmaking coal portfolio in Queensland, including major operations and interests in the Bowen Basin, one of the world’s most important hard coking coal regions.

Australian reporting identifies the portfolio as including Moranbah North, Grosvenor, Capcoal, Roper Creek, Dawson South and Theodore South joint ventures. 

The deal also follows a turbulent sale process. Peabody Energy had previously agreed to buy the same coal assets before terminating its bid after the Moranbah North incident, with Anglo disputing Peabody’s position and pursuing arbitration. The new Dhilmar agreement gives Anglo a replacement exit path while leaving the arbitration with Peabody unresolved. 

For the industry, the story sits at the intersection of met coal ownership, decarbonisation pressure and copper-sector consolidation. Anglo is leaving steelmaking coal at a time when metallurgical coal remains essential to blast-furnace steel production but increasingly difficult to hold inside diversified mining portfolios exposed to investor scrutiny over fossil-fuel assets.

Dhilmar’s emergence as buyer also adds intrigue. Dhilmar is a private mining group led by Alexander Ramlie, with previous involvement in the acquisition of the Éléonore gold mine in Canada from Newmont. 

The Queensland workforce and supplier implications will be closely watched. These mines support a large contractor ecosystem across underground coal mining, longwall services, ventilation, gas drainage, CHPP operations, haulage, maintenance, accommodation and regional services. Ownership change at this scale can alter procurement settings, capital priorities and mine planning across one of Australia’s most mature coal provinces.

The transaction is expected to close in 2027, subject to approvals and transaction conditions.

For Anglo, the sale clears a major step in its portfolio reset. For Queensland’s Bowen Basin, it places a suite of high-profile coal assets under a new private owner at a time when steelmaking coal demand, mine safety, capital discipline and ESG pressure remain tightly interlinked.