Anglo American has received bids for its New Largo project in SA, as the company continues efforts to exit operations that supply coal to local power plants, according to two people familiar with the process. Seriti Resources Holdings, which agreed to buy thermal coal mines from Anglo American for about R2.3bn in April, was among the bidders for New Largo, said the people, who asked not to be identified because the talks were private. MTN Group chairman Phuthuma Nhleko’s Phembani Group also considered bidding, while separate groups that included Sipho Maseko and separately Jabu Mabuza have also considered buying Anglo coal assets, the people said. The two businessmen are the Telkom CEO and chairman, respectively. The bid, and those that were contemplated, were in the range of R1bn, according to one of the sources. The new owners would need to make significant investments to develop the mine, the other source said, without being more specific. The sale of New Largo would help complet...
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