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Anglo American committed to Aussie coal sale after Moranbah North stoppage
(Sharecast News) - Anglo American confirmed in an update on Tuesday that it does not expect the recent stoppage at its Moranbah North mine to trigger a material adverse change clause in its agreement to sell its Australian steelmaking coal assets to Peabody Energy. The FTSE 100 mining giant said it was committed to completing the transaction, adding that it is working with Peabody to address outstanding conditions.
Operations at Moranbah North were halted following a contained ignition event in the goaf on 31 March, prompting the safe withdrawal of all personnel.
Initial re-entry was completed on 19 April, and Anglo American said it was now working closely with Queensland's safety regulator and other stakeholders on a phased plan to resume longwall production once it is deemed safe.
Anglo American said that, based on progress made so far and the available information, it did not consider the incident to constitute a material adverse change under the definitive sale agreements announced in November.
The company reiterated its intention to satisfy the remaining customary conditions necessary to complete the deal.
At 1101 BST, shares in Anglo American were down 3.93% at 2,052p.
Reporting by Josh White for Sharecast.com.
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