Mining giant Anglo American spins off coal assets to reduce greenhouse gas emissions

SOUTH AFRICA – British multinational mining company Anglo American has spun off its South African thermal coal assets into Thungela Resources which will have a primary listing on the Johannesburg Stock Exchange and a standard listing on the London Stock Exchange. As part of setting up Thungela into a standalone business, Anglo said it would provide a US$171 million initial cash injection and a further contingent capital support until the end of 2022 in the event of thermal coal prices in the dollar falling below a certain threshold. The demerger comes…

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Anglo American set to exit coal mining after selling its coal assets

SOUTH AFRICA – Anglo American, a global mining company that mines in diverse range, plans to exit coal mining in South Africa, in a major shift away from carbon-intense operations.  The company has, in the past few years, been offloading its coal assets, which has included the sale of its Eskom coal mines in 2018, as well as the Drayton mine in Australia.  The diversified global miner said it would consider its exit options, with a view to listing the demerged business on the Johannesburg Stock Exchange.  “We are therefore…

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