Anglo American has completed the $1.6 billion sale of its 33.3 per cent interest in Jellinbah Group to Zashvin.

The Jellinbah Group joint venture owns a 70 per cent interest in the Jellinbah East and Lake Vermont steelmaking coal mines in the Bowen Basin.

Anglo American announced the sale deal in November in the first step of its divestment of its metallurgical coal portfolio.

It was quickly followed by the sale of the Moranbah North, Grosvenor, Aquila, and Capcoal operations in the Bowen Basin to Peabody Energy and BUMA’s purchase of a majority interest in Dawson mine.

“We have moved at pace to simplify Anglo American to create an exciting and differentiated investment proposition focused on our world-class copper, premium iron ore and crop nutrients businesses,” Anglo American chief executive Duncan Wanblad (pictured left) said.

“This more cash-generative and higher margin portfolio will offer greater through-the-cycle resilience, with the benefit of significant high-quality and well-sequenced growth options across each product vertical, including a clear path to increase annual copper production to more than one million tonnes over the next decade.”

Related: Peabody gives a glimpse of Anglo asset plans

Zashvin became the majority shareholder in Jellinbah upon completion of the transaction.

James Xu of Zashvin said Jellinbah’s success since 1988 had been driven by the partnerships forged locally and overseas.

“We pay tribute to Anglo American’s significant role in this journey and its dedication to making this historic transaction smooth and efficient” he said.

“As a proudly Queensland family-owned company, our increased investment reflects our confidence in Queensland’s coal industry and our workforce, and our commitment to continue to work with central Queenslanders.”

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