Anglo American on the hunt for more coal, iron ore

Anglo American is reportedly looking to Australia for thermal coal plays.

According to Reuters Norman Mbazima, the CEO of Anglo American’s thermal coal division, said the miner will consider joint ventures or even acquiring smaller miners to aid in ramping up production.

"We are actively looking. The multiples have been coming down of late as prices of coal have come down," Mbazima stated.

"It’s a much more conducive atmosphere for us to continue to look."

It comes as Anglo plans to double its thermal coal output to 130 million tonnes annually by the end of the year.

It is also reportedly considering acquiring iron ore assets in Australia.

Anglo is "on the lookout for value -adding iron ore opportunities," James Harman, Anglo’s head of business development for iron ore and coal, said.

The miner recently approved a five million tonne per annum coking coal mine in the Bowen Basin.