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.

Anglo American’s deal sits in line with the mining company’s plans to refocus its business on copper, iron ore and crop nutrients.

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.