Dhilmar Limited will acquire Anglo American's Australian steelmaking coal mines for up to US$3.875 billion in cash. The deal includes a US$2.3 billion upfront payment at completion and a price-linked earnout worth up to US$1.575 billion. Anglo American intends to apply these proceeds toward reducing its net debt.

The transaction seals Anglo American's exit from the steelmaking coal sector, bringing its total divestment proceeds to US$4.9 billion after the earlier US$1 billion sale of its Jellinbah mine stake. CEO Duncan Wanblad said that the sale simplifies the corporate portfolio prior to a merger with Teck.

Subject to standard regulatory, competition, and pre-emption clearances, the companies expect to close the transaction by the first quarter of 2027.