January 29, 2018 / 7:28 AM / 3 months ago

Anglo American sells Eskom-tied coal assets for $71 million

LONDON, Jan 29 (Reuters) - Anglo American L> on Monday announced the sale of the New Largo thermal coal project in South Africa for approximately $71 million to a new majority black-owned-and-managed company.

New Largo’s main asset is an 585 million tonne coal resource and related mining rights, which is positioned to supply Eskom’s new Kusile Power Station.

“The sale delivers on our long-standing strategy to exit our Eskom-tied coal assets,” Norman Mbazima, deputy chairman of Anglo American South Africa, said in a statement.

New Largo Coal Proprietary Limited is owned by Seriti Resources Proprietary Limited and Coalzar Proprietary Limited, two companies majority owned and controlled by historically disadvantaged South Africans. (Reporting by Barbara Lewis; editing by Jason Neely)

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