Under the agreement, U.K.-based Dhilmar will pay $2.3 billion in cash upon completion of the transaction in the first quarter of 2027, with an additional payment of up to $1.6 billion tied to coking coal prices within five years after the deal closes, Anglo American, the world’s third largest exporter of coking coal, said in a statement on Monday.
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Alexander Ramlie. Photo courtesy of Amman Minerals |
The mines had previously been slated for sale to Peabody Energy in November 2024, but the transaction collapsed after a fire in March 2025 temporarily halted operations at the Moranbah North Mine in Australia, Forbes reported. Anglo American said it would continue arbitration proceedings with Peabody over the failed deal.
Anglo American has customers across Asia, Europe and South America. The company operates five mines that produced 8.2 million tonnes of coking coal last year. Its two largest operations, Moranbah North Mine and Grosvenor Mine, are located in Queensland, Australia.
Coking coal, a key ingredient in steel production, is expected to benefit from rising global steel demand. According to the World Steel Association, worldwide steel demand is projected to rise 0.3% in 2026 to 1.7 billion tonnes before accelerating 2.2% in 2027 to 1.8 billion tonnes.
With a net worth of $1.4 billion, Ramlie ranks among Indonesia’s wealthiest individuals. He serves as CEO of Dhilmar, which acquired the Eleonore gold mine in Canada from U.S. gold producer Newmont for US$795 million in 2025.
Ramlie is also a commissioner at Amman Mineral Internasional, which operates one of Indonesia’s largest copper and gold mines.
