November 30, 2016 / 4:40 PM / 3 years ago

Anglo American to exit stake in South African miner Exxaro

A cow is seen near the AngloAmerican sign board outside the Mogalakwena platinum mine in Mokopane , north-western part of South Africa , Limpopo province May 18, 2016. REUTERS/Siphiwe Sibeko/File Photo

(Reuters) - British miner Anglo American Plc (AAL.L) said on Wednesday it would sell its stake in South African diversified miner Exxaro Resources Ltd (EXXJ.J) and use the proceeds to reduce debt.

Exxaro’s controlling black economic empowerment shareholder Main Street 333 Proprietary Ltd will also sell its interest in the miner, Anglo American said.

Anglo American’s stake of 9.7 percent, or 35 million shares, in Exxaro is valued at 3.39 billion rand ($240.62 million) based on Tuesday’s close, while Main Street’s holding equals 1.66 billion rand.

Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Sai Sachin Ravikumar

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