London, April 24, 2026, 17:07 (BST)
Anglo American has drawn at least three potential buyers for its Australian steelmaking coal business, reviving a sale process that was knocked off course when Peabody Energy walked away from a $3.78 billion deal last year. Stanmore Resources, Mitsubishi Corp and Indonesia’s PT Buma Internasional Grup are among the bidders, Bloomberg News reported, citing people familiar with the matter. Anglo declined to comment; the bidders did not immediately respond to Reuters requests for comment.
The renewed interest matters because Anglo is trying to finish a wider break-up of its old diversified mining model while pushing ahead with its planned merger with Teck Resources. The coal assets sit in Queensland’s Bowen Basin, a key hub for steelmaking coal, the higher-grade coal used in blast-furnace steel production. The sale process is being run by Goldman Sachs and Morgan Stanley, and a buyer could be named in coming months, Bloomberg reported.
Anglo shares were lower in London on Friday. AJ Bell’s delayed market page showed the stock quoted at 3,708.50 pence to sell and 3,709.50 pence to buy, down 1.44%, against a previous close of 3,777 pence.
The coal sale is one part of a hard reset. Anglo has been moving to shed non-core assets after a bruising spell for diamonds, coal and nickel, and has said it wants to focus on copper and iron ore. It posted a $3.7 billion loss in February after another writedown at De Beers, while saying the Teck merger would create the world’s fifth-largest copper producer.
For any buyer, the prize is not just mine tonnage. A deal would lift or cement the winner’s place in steelmaking coal sales to Asian mills, a market now led by the BHP Mitsubishi Alliance and Glencore. Buma already has some link to the assets after agreeing to buy a 51% stake in the Dawson project from Peabody, conditional on the original Anglo-Peabody deal being completed.
But the process still carries risk. Peabody quit the earlier pact after a fire at Moranbah North, which it said accounted for about half the deal’s value; that followed a 2024 blaze at Grosvenor, Anglo’s second-largest metallurgical coal operation in Australia. Moranbah North has restarted, but Grosvenor remains offline, leaving bidders room to push on price, structure or timing.
Anglo Chief Executive Duncan Wanblad had signalled in August that the failed Peabody transaction did not end the coal exit. He said unsolicited interest showed the “strategic value” of the assets and that Anglo was confident it could conclude an alternative sale process “for value.” Anglo American
The copper case for moving on is becoming more visible. Teck said this week it beat first-quarter profit estimates, helped by record copper sales and higher prices, while its proposed tie-up with Anglo remained on track. Reuters reported that Teck and peers stand to benefit from an expected 50% rise in global copper demand by 2040, driven partly by power use from data centres, artificial intelligence and defence.
Teck President and CEO Jonathan Price said in the Canadian miner’s results statement that the company remained focused on “advancing the merger of equals with Anglo American toward a successful close.” Teck reported adjusted EBITDA of C$2.1 billion for the first quarter and liquidity of C$9.8 billion as of April 22. Teck Resources Limited
Under the merger plan, Anglo shareholders would own about 62.4% of Anglo Teck and Teck shareholders about 37.6%. The combined company is expected to have its global headquarters in Vancouver, retain a primary London listing and offer investors more than 70% exposure to copper, the companies said when they announced the transaction.
Regulatory approvals remain a swing factor. Canada cleared the transaction under the Investment Canada Act in December, with Anglo Teck committing to spend at least C$4.5 billion in Canada within five years, but completion still depends on other competition and regulatory approvals. Wanblad called the Canadian approval a step toward forming a “major global critical minerals powerhouse.” Anglo American
Investors get another scheduled read next week. Anglo’s first-quarter 2026 production report is due at 0600 GMT on April 28, giving the market fresh numbers on the operating base it is trying to reshape while the coal sale and Teck deal move in parallel.
