Anglo American Plc: Met-Coal Sale Agreed

Research evidence excerpt

Anglo American Plc: Met-Coal Sale Agreed

Update

May 18, 2026 07:01 PM GMT

Morgan Stanley & Co. International plc+MAnglo American Plc | Europe Alain Gabriel, CFA

Equity Analyst

Met-Coal Sale Agreed Alain.Gabriel@MorganStanley.comRMB Morgan Stanley Proprietary Limited+ +44 20 7425-8959

Brian Morgan

What’s new? Anglo American has agreed to sell its Australian steelmaking coal Equity Analyst

Brian.Morgan3@rmbmorganstanley.com +27 11 587-0803

portfolio to Dhilmar Limited for up to US$3.875bn in cash, comprising US$2.3bn

upfront at completion and up to ~US$1.6bn through a price-linked earnout. Morgan Stanley & Co. International plc+

Ioannis Masvoulas, CFACompletion is expected by 1Q27, subject to customary competition/regulatory

clearances and pre-emption arrangements, with proceeds earmarked for net debt Ioannis.Masvoulas@morganstanley.com +44 20 7425-0427

reduction, according to Anglo American. Ferdinand Huber

Research Associate

For context, the Steelmaking Coal business generated a US$156mn underlying Ferdinand.Huber@morganstanley.com +44 20 7677-2702

Adahna Ekoku

EBITDA loss in 2025. Anglo reported Dec-25 carrying values of US$1.974bn for the

Moranbah-Grosvenor CGU and US$541mn for Capcoal, or ~US$2.5bn on a combined Adahna.Ekoku@morganstanley.com +44 20 7425-0578

basis, so the full headline consideration sits above those cited book values, though

Anglo American Plc (AAL.L, AAL LN)

with a meaningful earnout component.

Metals & Mining | United Kingdom

Transaction details. The package primarily includes Anglo’s interests in Moranbah Stock Rating ++

Industry View In-Line

North/Grosvenor, Capcoal, Roper Creek, Dawson/Dawson South/Dawson South Price target ++

Exploration/Theodore South and Moranbah South. The earnout runs for five years Shr price, close (May 15, 2026) 3,833p