Anglo American agreed the R2.3bn sale of coal mines supplying power utility Eskom to Seriti Resources headed by Mike Teke. The well-flagged sale of the three operating collieries and four closed mines by Anglo is part of the global miner’s strategy to dispose of assets to reduce debt and narrow its focus to four pillars of assets, including platinum, diamonds, copper and certain bulk commodities like metallurgical coal and iron ore. "This transaction forms part of our ongoing commitment to reshape and upgrade our global asset portfolio, recognising appropriate value and further demonstrating Anglo American’s longstanding support for the development and sustainability of SA’s mining industry," said Anglo CEO Mark Cutifani. Anglo said the transaction would make black-owned Seriti the second-largest supplier of coal to Eskom, which generates more than 90% of its electricity from the burning of coal.
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