Anglo American plc announced the completion of the sale, by its 73% held subsidiary Anglo American Inyosi Coal (Proprietary) Ltd., of the New Largo thermal coal project and Old New Largo closed colliery in South Africa to New Largo Coal Proprietary Ltd. New Largo Coal Proprietary is owned by Seriti Resources Proprietary Ltd. and Coalzar Proprietary Ltd., two companies majority owned and controlled by historically disadvantaged South Africans and the Industrial Development Corp. SOC Ltd. The cash consideration payable for New Largo is ZAR850 million (approximately US$65 million).
Norman Mbazima, deputy chairman of Anglo American South Africa, said, “I am delighted to announce the completion of the sale of New Largo to a majority black-owned-and-managed company.”
Mbazima added that, “This sale marks the completion of our long-standing strategy to exit our Eskom-tied coal assets and is yet another milestone in the sustainable transformation of the South African mining industry.”
