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Anglo American, the London-listed mining group led by South African executive Duncan Wanblad, is preparing to restart the sale of its Australian coking coal assets early next year. The move comes months after U.S.-based Peabody Energy withdrew from a $3.8 billion deal, citing the temporary shutdown of Anglo’s Moranbah North mine following a small explosion in March.
Wanblad said a new sale process would begin once operations resume at Moranbah North, which has undergone a safety review and is expected to reopen soon. “We’ve got very strong interest in this business still, and I’m confident that we’ll have a solid process again,” he said.
The sale is part of a broader restructuring that includes plans to divest Anglo’s De Beers diamond business ahead of a proposed $50 billion merger with Toronto-listed Teck Resources Ltd. The merger, still awaiting regulatory and shareholder approval, would create a new mining giant headquartered in Vancouver while maintaining Anglo’s primary listing in London.
“Right now, London provides a really good source of capital for us,” Wanblad said. He declined, however, to confirm whether the listing would remain in the U.K. over the longer term.
De Beers sale moves ahead as Botswana monitors process
Anglo has already received first-round bids for De Beers, in which the government of Botswana holds a 15 percent stake. Wanblad said the company was now moving into a second round of talks with one or two shortlisted bidders.
He emphasized that any deal would be handled “very carefully and very respectfully” given Botswana’s strategic interest. “We’re working toward an agreement that benefits both the buyers and the government of Botswana,” he said.
Cost cuts and challenges in Australia and Brazil
Anglo American, founded in 1917, has long been one of the world’s most diversified miners, with operations spanning platinum, copper, diamonds, nickel, and iron ore. Since taking over as CEO in April 2022, Wanblad has led the corporation through a major restructure.
In the first half of 2025 Anglo reported a 7 percent drop in revenue to $8.95 billion and a 20 percent decline in EBITDA. To contain costs, the company recently reduced staff across its Bowen Basin operations and its Brisbane head office, affecting more than 200 jobs, according to local authorities.
Separately, Brazil’s competition regulator in September opened an investigation into Anglo’s planned $500 million nickel sale, adding to the company’s challenges as it looks to reshape its portfolio and stabilize earnings.
