US miner Peabody Energy and Indonesia’s BUMA will pay up to $US3.78 billion ($5.8 billion) to acquire the Queensland coal mines of Anglo American, in a boost for Anglo’s finances just days before BHP is allowed to make a fresh takeover bid.

Anglo will receive $US2.05 billion of cash upon completion of the deal, which will give Peabody control of four Queensland coking coal mines – Grosvenor, Moranbah North, Aquila and Capcoal – while BUMA will take control of the Dawson mine.