Anglo American draws three bidders for coal sale

Cecilia Jamasmie | April 23, 2026 | 3:44 am Markets Top Companies Australia Canada USA Coal

Anglo American sells coal assets to Peabody for $3.8bn

Power station at the Moranbah North metallurgical coal mine. (Image courtesy of Anglo American.)

Anglo American (LON: AAL) is said to have at least three potential buyers for its Australian steelmaking coal business after a $3.8 billion sale to Peabody Energy (NYSE: BTU) collapsed following a mine fire.

Stanmore Resources (ASX: SMR), Mitsubishi Corp., and Indonesia’s BUMA Internasional are among at least three bidders circling the Queensland-based assets, with a deal potentially emerging in the coming months, according to Bloomberg News. Goldman Sachs and Morgan Stanley are running the process, the news outlet’s sources said.

The sale’s collapse last year dealt a setback to Anglo’s broader plan to divest non-core assets after BHP’s (ASX: BHP) failed takeover bid, and a successful deal now would help revive that strategy while potentially reshaping the global steelmaking coal market.

Anglo American takes Peabody to arbitration over failed $3.8B deal

Peabody walked away from the agreement after a fire at the Moranbah North mine, which it said accounted for roughly half the deal’s value. The incident followed another blaze in 2024 at the Grosvenor mine, Anglo’s second-largest metallurgical coal operation, which remains offline even as Moranbah North has resumed production.

Eyes on Asia

For bidders, acquiring the portfolio would either cement or elevate their standing among the world’s top suppliers of steelmaking coal to Asian markets, currently dominated by the BHP Mitsubishi Alliance and Glencore (LON: GLEN). Buma Internasional already has exposure to the assets, having agreed to acquire a 51% stake in the Dawson project from Peabody contingent on the original deal’s completion.

Stanmore, backed by Indonesia’s Widjaja family through Golden Energy and Resources, may face financing pressure if it proceeds, as its market capitalization sits below A$2 billion, potentially less than the transaction value.

Anglo has already spun off its platinum division into Valterra Platinum (JSE: VAL) and continues to seek a buyer for its struggling De Beers, which is part of a sweeping portfolio overhaul as it advances the takeover of Canada’s Teck Resources (TSX: TECK.A TECK.B)(NYSE: TECK).