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South Africa’s Exxaro Resources is weighing its options for its Australian coal joint venture project with Anglo American Plc following the mining giant’s planned exit from the business, an executive said on Tuesday.
While Exxaro is not currently evaluating any of the assets to be put up for sale by Anglo, it was assessing the joint venture project, chief growth officer Richard Lilleike said during a pre-close call. Asked if Exxaro has pre-emptive rights over Moranbah, Exxaro CFO Riaan Koppeschaar said the company was currently reviewing the joint venture agreement.In 2017, Exxaro moved to sell its stake in the project but failed to get attractive bids and began reassessing the potential development plan for the project in 2018 as coal prices soared.
“Copper remains fundamental to us as well as many other mining companies. But we will certainly take into account pricing when we look at these opportunities,” Lilleike said.
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