00:00 Spinning a sell-off.
00:04 To unlock the true potential of this company, we do need profound change.
00:09 In a video message, the head of Anglo-American sets out plans to overhaul the business, including selling its Queensland coal mines.
00:17 Proceeds of that will be used to reset Anglo-American's balance sheet.
00:21 The mining giant owns five steelmaking coal mines in the Bowen Basin, employing thousands of workers.
00:28 It says there's strong buyer interest, but the union wants assurances for workers.
00:33 A little bit of concern around job security. What's it mean to them?
00:36 For us it's more than just mining leases that are being sold.
00:39 You know, these mines have over 600 houses associated with them, community infrastructure, social infrastructure, water supply.
00:48 Those in the industry say coal mine sales aren't new. BHP also sold off some of its mines in recent times.
00:56 In a statement, Queensland's resources minister warned Anglo-American and any potential buyer
01:02 must ensure the workers and the communities these mines operate in are prioritised, and have already said that to them.
01:09 Adding there is a strong future for steelmaking coal.
01:12 There's no doubt that there will be buyers that want to buy Anglo's coal mines, but again, you know, simply for us it's about protecting our members.
01:21 This is a big deal for us to have these assets put up for sale.
01:25 Anglo-American announced the plans after rebuffing a multi-billion dollar takeover bid from rival BHP.
01:32 Instead of coal, it wants to focus on copper, iron ore and crop nutrients.
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