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Anglo American to sell stake in Australian steelmaking coal mines for $1.1 billion
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(Reuters) – Anglo American said on Monday that it will sell its minority stake in a joint venture that owns a 70% interest in the Jellinbah East and Lake Vermont steelmaking coal mines in Australia for A$1.6 billion ($1.06 billion).
(Reuters) – Anglo American said on Monday that it will sell its minority stake in a joint venture that owns a 70% interest in the Jellinbah East and Lake Vermont steelmaking coal mines in Australia for A$1.6 billion ($1.06 billion).
($1 = 1.5156 Australian dollars)
(Reporting by Prerna Bedi in Bengaluru; Editing by Sonia Cheema)
A joint venture is a business arrangement where two or more parties agree to pool their resources for a specific project or business activity, sharing risks and profits.
Steelmaking coal, also known as metallurgical coal, is a type of coal used in the production of steel. It is essential for the smelting process, which transforms iron ore into steel.
A minority stake refers to ownership of less than 50% of a company's shares. This means the investor does not have control over the company's decisions.
Capital gain is the profit earned from the sale of an asset, such as stocks or real estate, when the selling price exceeds the purchase price.
A financial community consists of individuals and organizations involved in the finance sector, including banks, investors, and financial institutions, collaborating on financial activities and investments.
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