The joint venture holds a 70% interest in two major metallurgical coal mines in Queensland: Jellinbah East and Lake Vermont. Anglo did not operate these mines nor market their output.

"We are making excellent progress with our simplification of Anglo American to create an exciting and differentiated investment proposition focused on our world-class copper, premium iron ore, and crop nutrients assets – all future-enabling products," said CEO Duncan Wanblad.

Despite its unpopular status due to environmental concerns, coal remains an important commodity. A recent Australian achievement in shutting down and restarting a power plant shows that its decline could be much more gradual than anticipated.

"This highly cash generative and much higher margin portfolio will offer greater resilience through cycles and the benefit of significant high-quality and well-sequenced growth options," Wanblad noted regarding the process.

Anglo American's broader restructuring efforts were announced earlier this year amidst an attempted takeover by BHP (NYSE:BHP). Besides coal, the plan involved shedding even South African De Beers, the world's largest diamond producer.

Although a recent comment from BHP's chairman signaled that both parties have moved on, the miner quickly retraced that comment. The mandatory standstill on offers expires on November 29, with Anglo's market cap currently at approximately $42 billion—$47 billion below BHP's final $49b bid in May.

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