×

We've got news for you.

Register on BusinessLIVE at no cost to receive newsletters, read exclusive articles & more.
Register now

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.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now