UPDATE 1-Anglo American to sell stake in Australian steelmaking coal mines for $1.1 bln

Reuters11-04 15:38

(Adds details on mines, deal from paragraph 2)

Nov 4 (Reuters) -

UK-based Anglo American said on Monday that it will sell its minority stake in a joint venture that owns a 70% interest in the Jellinbah East and Lake Vermont steelmaking coal mines in Australia, for A$1.6 billion (about $1.1 billion).

The company, which owns 33.3% of Jellinbah Group - the operator of the Queensland-based mines - will sell the stake to Zashvin Pty Ltd, an Australian electric power generation facility operator that already owns a one-third interest in the mines.

Japanese conglomerate Marubeni owns the remaining stake.

"Our process to sell the rest of our steelmaking coal business - being the portfolio of steelmaking coal mines that we operate in Australia - is now at an advanced stage and we are on track to agree terms in the coming months," Anglo American's CEO Duncan Wanblad said in a statement.

The firm is in the midst of restructuring its business after fending off a $49 billion takeover from bigger rival BHP Group

in May.

($1 = 1.5156 Australian dollars)

(Reporting by Prerna Bedi in Bengaluru; Editing by Sonia Cheema)

((Prerna.Bedi@thomsonreuters.com; +91 98052 24616;))

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