Anglo American to exit coal business in South Africa
JOHANNESBURG – Anglo American Plc plans to exit its South African thermal coal business within the next three years by spinning off the unit as the miner accelerates its retreat from the dirtiest fuel.
Anglo has been increasingly vocal on its plans to stop mining thermal coal in the past year, but has so far given few details. Today’s comments, in a written response to shareholder questions, provide a clear route to the exit.
The company said it’s working toward a possible demerger of the South African coal business as its preferred exit option. The unit could be listed on the Johannesburg Stock Exchange within the next two to three years. Still, Anglo said it will consider other options, such as a trade sale.
Source: iol.co.za
