Nov 25 (Reuters) - Anglo American on Monday

agreed to sell its Australian steelmaking coal mines to Peabody

Energy ( BTU ) for a cash consideration of up to $3.78 billion,

in its first major disposal as part of a wider restructuring

plan.

The mining giant is reshaping its business to mainly focus

on copper and iron ore, after fending off a $49 billion takeover

bid from larger rival BHP Group ( BHP ) in May.

Peabody's agreed cash consideration comprises an upfront

payment of $2.05 billion at completion, deferred cash

consideration of $725 million, the potential for up to $550

million in a price-linked earnout, and contingent cash

consideration of $450 million linked to the reopening of the

Grosvenor mine, Anglo American said in a statement.