LONDON, April 23, 2026, 15:51 BST
Anglo American plc’s Australian steelmaking coal assets are back in play, with at least three bidders circling after last year’s $3.78 billion Peabody Energy deal collapsed. According to Bloomberg News, Stanmore Resources, Mitsubishi Corp, and Indonesia’s PT Buma Internasional Grup remain contenders for the business, which produces coal for blast furnaces.
Why does this renewed interest matter? Anglo is moving to offload less important units, aiming to boost its copper profile. Back in February, it updated investors: coal sale on track, nickel disposal agreed, De Beers split in progress. All of it tied to Anglo’s bigger pivot—copper, top-tier iron ore and crop nutrients—as it prepares to merge with Teck Resources.
The copper-heavy strategy is paying off. Teck reported a first-quarter profit that topped estimates on Thursday, driven by record copper sales, and confirmed its deal with Anglo is moving forward. Anglo, for its part, still anticipates wrapping up final regulatory approvals somewhere between September 2026 and March 2027.
According to Bloomberg, sources say Goldman Sachs and Morgan Stanley are handling the sale, with a potential buyer possibly surfacing in the next few months. Anglo wouldn’t comment, Bloomberg noted. Stanmore and Mitsubishi also declined to comment, and Buma stayed silent. Reuters added that bidders did not immediately answer its own inquiries.
The restart comes after a rough patch. Peabody exited the deal in August 2025, pointing to an underground fire at Moranbah North and invoking the material adverse change clause—a standard tool for buyers facing a major hit. Anglo pushed back, disagreed that the mine or equipment was materially impacted, and said it would pursue damages through arbitration.
Following the Peabody deal’s collapse, chief executive Duncan Wanblad called the outcome “very disappointed” but maintained that another buyer might step up, given the level of interest already shown in the mines. Back in February, Wanblad reiterated Anglo’s intent to complete the portfolio overhaul, noting net debt had dropped to $8.6 billion from $10.6 billion. He also highlighted that the planned Anglo-Teck combination would leave shareholders with over 70% copper exposure. Reuters
Still, there’s no guarantee the deal goes smoothly. The Queensland mines have struggled operationally for close to two years, and Jefferies, following an earlier fire at Grosvenor, flagged that the incident could affect both the schedule and price. The broker put Grosvenor’s share at roughly 30% of the value it attributed to Anglo’s steelmaking coal unit.
Anglo’s shake-up kicked off after it shot down BHP’s 2024 takeover bid, setting in motion plans to unload coal and nickel, carve out De Beers, and spin off its platinum division. Striking a coal sale would tie up one of the biggest loose threads in that strategy, though the Peabody dispute still hangs over the company.
