Anglo American Plc is selling another 6% of its platinum business in a move aimed at increasing the South African unit’s free float ahead of a full exit.

Anglo said it would get $2.05 billion in cash upfront from Peabody, a US coal miner, with another $725 million in deferred payment. The company could receive a further $550 million depending on the coal price and $450 million depending on the reopening of its Grosvenor mine.

US miner Peabody Energy has agreed to buy Anglo American’s remaining steelmaking coal mines in Australia for up to $3.78bn, securing a key first milestone in Anglo’s radical restructuring plan. The transaction is the first of four big business divestments that the company promised in May after it fought off a £39bn hostile takeover attempt from BHP.

Anglo American Plc said it’s agreed to sell its steelmaking coal business for about $4.9 billion, including the already announced sale of its interest in Jellinbah Group.

Anglo American signed a deal to sell its outstanding steelmaking coal assets to U.S. miner Peabody Energy, as the London-listed company progresses its plan to trim operations.