Anglo American has sold its stake in diversified JSE-listed miner Exxaro Resources for R3bn, which it will use towards repaying debt, bringing it comfortably below the $10bn target it set for the end of the year. Anglo sold its 35-million shares through an accelerated book-building exercise run by Citigroup Global Markets and realised R87 a share. Exxaro’s share price was at R96.60 at the JSE’s close on Wednesday and at R86.91 at Thursday’s close. Anglo CE Mark Cutifani told analysts last week the company was well on track to bring its net debt to below $10bn by the end of the year. This comes after the sale of a number of assets, improved commodity prices and reduced costs generated cash for the London-and Johannesburg-listed mining house. Exxaro’s empowerment shareholder, Main Street 333, with a 50.19% stake, told the market on November 22 it was unwinding its structure, needing the shareholders in the empowerment company and Exxaro to finalise a replacement empowerment deal befor...
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