A consortium led by private equity firm Apollo Global Management (APO.N) has emerged as the frontrunner for Anglo American‘s (AAL.L) metallurgical coal mines in Australia, valued at up to $1.5 billion, two sources familiar with the matter told Reuters.

Anglo American, like its peers, is selling off prized assets after a prolonged commodities rout that has left it with high levels of debt.

The mining firm said in February that discussions were underway about divesting its Moranbah and Grosvenor assets, as part of its plans to sell $3-4 billion of assets this year in order to cut debt. The process is being run by Bank of America Merrill Lynch (BAC.N).

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