Anglo American sells some collieries and mines to Seriti Resources
Anglo American concluded the R2.3bn sale of three collieries that supply Eskom with coal as well as four shuttered mines, to Seriti Resources. The transaction announced in 2017 marked the decision by Anglo to cut its exposure to the state-owned power utility, which was insisting on 51% black ownership of its coal suppliers, something the Anglo board would not countenance because it would become a minority partner. Anglo has also agreed to sell its undeveloped New Largo colliery to a consortium that includes Seriti, leapfrogging the new resources company into the top tier of coal suppliers to Eskom. Anglo CEO Mark Cutifani and Anglo American SA deputy chairperson Norman Mbazima have both said in 2018 that its sales process in SA had come to an end with the sale of the Eskom-linked mines, and that it remained exposed to export thermal coal, iron ore, platinum group metals, diamonds and manganese from SA. "This transaction continues the reshaping of our global asset portfolio based on ...
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