LONDON – Anglo American yesterday announced the sale of the New Largo thermal coal project in South Africa for approximately US$71 million to a new majority black-owned and managed company.
New Largo’s main asset is a 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.
– Nampa-Reuters
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