Anglo American completes sale of SA coal project

Coal energy

Coal energy

JOHANNESBURG, (CAJ News) – ANGLO American has completed the sale of its New Largo thermal coal project in South Africa for R850 million (approximately US$65 million).

It has been sold to New Largo Coal Proprietary Limited, which is owned by Seriti Resources and Coalzar.

The two companies are majority owned and controlled by historically disadvantaged South Africans and the Industrial Development Corporation (IDC).

Norman Mbazima, Deputy Chairman of Anglo American South Africa, expressed delight to announce the completion of the sale.

“As we said upon announcing the sale in January, Seriti, Coalzar and the IDC together have excellent operating and management capabilities to develop and operate New Largo optimally and sustainably into the future.”

Mbazima said the sale marked the completion of their long-standing strategy to exit Eskom-tied coal assets.

“It is yet another milestone in the sustainable transformation of the South African mining industry.”
– CAJ News

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Posted by on Aug 1 2018. Filed under Africa & World, Featured, Finance, Mining, Mining & Engineering, National, Regional. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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