Head of Anglo’s thermal coal unit, Norman Mbazima told Reuters Anglo was considering joint venture opportunities or buying up junior coal companies in a bid to ramp up production of thermal coal.

“We are actively looking,” Mbazima was quoted as saying.

“The multiples have been coming down of late as prices of coal have come down.

“It's a much more conducive atmosphere for us to continue to look.”

The miner, which has a thriving metallurgical coal business, plans to triple production by 2020 with coal output tipped to reach 130 million tonnes.

Anglo American already has thermal coal operations in Colombia, South Africa and Australia.

The desire to acquire more thermal coal assets comes despite Anglo recently announcing that it was advancing the sale of one of its Australian two thermal coal mines, the Callide mine, which produces 10Mtpa.

Mbazima reportedly said his counterpart at Anglo’s coking coal unit was considering coal acquisitions in Mozambique.

Mozambique’s Tete region is estimated to be the largest untapped coal province in the world.

“We are very interested in Mozambique and we have been looking there for prospects," he said.

Any coal purchase would be dependent on the development of rail lines and ports and whether or not there was interest from potential buyers.

Anglo’s thermal coal division delivered the company a record operating profit of $1.2 billion in 2012, 73% higher than 2010 as a result of higher export thermal coal prices for both South African and Colombian coal.