London, April 24, 2026, 17:07 (BST)
At least three suitors have surfaced for Anglo American’s Australian steelmaking coal unit, breathing new life into a sale process derailed when Peabody Energy backed out of its $3.78 billion offer last year. According to Bloomberg News, Stanmore Resources, Mitsubishi Corp, and Indonesia’s PT Buma Internasional Grup are among those bidding, citing sources familiar with the situation. Anglo declined to comment, and none of the bidders gave Reuters an immediate response to requests for comment.
The renewed attention comes as Anglo works to dismantle its traditional diversified mining setup and keeps moving toward its planned merger with Teck Resources. Its coal properties lie in the Bowen Basin in Queensland, an important region for steelmaking coal—the higher-grade variety used in blast-furnace production. Goldman Sachs and Morgan Stanley are running the sale, and Bloomberg says a buyer may be identified in the next few months.
Anglo slipped in London trading Friday, with AJ Bell’s lagging market data putting the shares at 3,708.50 pence on the sell side and 3,709.50 pence to buy. That’s a 1.44% drop from the last close at 3,777 pence.
This coal sale marks just one step in a broader overhaul. Anglo’s been scrambling to unload non-core businesses after tough runs in diamonds, coal and nickel, declaring copper and iron ore as the new focus. In February, the company reported a $3.7 billion loss, hit by yet another De Beers writedown. It’s also pitching the Teck merger as a move that would put it among the top five copper producers globally.
It’s not just about the tons in the ground. Whichever buyer lands the deal stands to boost—or lock in—their standing among suppliers of steelmaking coal to Asia, a market where BHP Mitsubishi Alliance and Glencore currently dominate. Buma, for its part, already has a connection: the company has agreed to acquire a 51% interest in the Dawson project from Peabody, if and when the initial Anglo-Peabody transaction goes through.
Still, there’s risk here. Peabody pulled out of the earlier agreement after a fire at Moranbah North—an incident the company said wiped out roughly half the pact’s value. That came on the heels of Grosvenor’s 2024 fire, which shut down Anglo’s No. 2 met coal asset in Australia. While Moranbah North is back up, Grosvenor is not, giving bidders leverage on price, deal structure, or even timing.
Back in August, Anglo Chief Executive Duncan Wanblad made it clear the scrapped Peabody deal wasn’t the last word on coal. Wanblad pointed to unsolicited approaches as evidence there’s “strategic value” in those assets, adding the company still expects to complete a different sale “for value.” Anglo American
Momentum is building for copper bulls. Teck this week reported stronger-than-expected first-quarter profits, citing record copper sales and firmer prices. Its planned merger with Anglo still has a clear path ahead. According to Reuters, Teck and other major producers are poised to gain as global copper demand could jump 50% by 2040, fueled in part by the needs of AI, defence, and energy-hungry data centers.
Teck President and CEO Jonathan Price, in the Canadian miner’s results statement, said the focus is still on “advancing the merger of equals with Anglo American toward a successful close.” For the first quarter, Teck posted adjusted EBITDA of C$2.1 billion. Liquidity stood at C$9.8 billion as of April 22. Teck Resources Limited
Anglo shareholders are set to control roughly 62.4% of Anglo Teck if the merger goes through, leaving Teck investors with 37.6%. The companies said the merged group would base its global headquarters in Vancouver, keep its main listing in London, and give shareholders over 70% copper exposure. Details came in the transaction announcement.
Regulatory sign-offs are still in play. Canada signed off under the Investment Canada Act back in December, after Anglo Teck pledged a minimum C$4.5 billion investment in-country over five years. Still, the deal’s fate hangs on additional competition and regulatory clearances. Wanblad described the Canadian green light as progress toward building a “major global critical minerals powerhouse.” Anglo American
Next week, investors have their eyes on Anglo’s first-quarter 2026 production update, set for release at 0600 GMT on April 28. The new figures will offer a look at the operating base Anglo is working to overhaul, with both the coal divestment and the Teck deal still running on separate tracks.
