Anglo sells its last Eskom-tied coal mine
The sale of its undeveloped New Largo project marks the end of Anglo American’s decades-long role as major coal supplier to the utility
Anglo American has drawn a firm line under one of the most uncertain businesses in its portfolio, agreeing to the sale for R850m cash of its last Eskom-linked coal operation in a business that has become increasingly political as the power utility pushed for 51% black ownership of its coal suppliers. The sale of its undeveloped New Largo project, the subject of a lengthy debate between Anglo and Eskom over the ownership structure and funding, marks the end of Anglo American’s decades-long involvement in a core business that marked it out as major coal supplier to the utility. “The sale delivers on our long-standing strategy to exit our Eskom-tied coal assets and marks another Anglo American led step-change in the sustainable transformation of the South African mining industry, supporting both Eskom and the country’s transformation objectives,” said Norman Mbazima, deputy chairman of Anglo American SA. Seriti Resources, Coalzar and the state-owned Industrial Development Corporation (...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.