Anglo American to sell interest in Australian coal mine

Global mining giant Anglo American Plc said it would sell its majority interest in Dartbrook coal mine to Australian Pacific Coal Ltd in a deal worth up to A$50 million ($36.35 million).

The sale follows two weeks after Anglo American announced a major restructuring, saying it would offload three-fifths of its assets as it attempts to tackle sliding commodities prices.

Anglo American, which owns an 83.3 percent stake in Dartbrook mine in New South Wales, Australia, said the deal would comprise of A$25 million in cash, with the rest being received in the form of royalty payments.

Dartbrook, one of four Australian coal mines the company plans to sell, has been on care and maintenance since 2006.

Shares in Anglo American, which have fallen 73 percent so far this year, were up 1.3 percent at 327.55 pence at 1052 GMT on the London Stock Exchange.

($1 = 1.3757 Australian dollars)