Anglo American completes sale of Drayton coal mine in Australia
Anglo American said on Monday it had completed the sale of its 88.17% stake of controversial Australian thermal coal mine Drayton, to Malabar Coal for an undisclosed amount. The global miner had struggled to get the necessary permits to expand the mine’s open-cut operations. Mining activities the mine, located in New South Wales, had ceased in 2016. Local opposition to a revival of the mining industry in the Hunter Valley had been fierce, with Australian media reporting that residents believed the area’s local wine and horse industries were at risk. "The sale of Drayton marks further progress in the transformation of our globally diversified portfolio, focused around our largest and most competitive assets," Anglo American CEO Mark Cutifani said in a statement. At 10.25am Anglo’s share price was up 2.58% to R294.65.
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