Anglo American to spin off South African thermal coal assets

By Reuters4 days ago

AD

Adds details, CEO comments

JOHANNESBURG, April 8 (Reuters) - Anglo American plc AAL.L said on Thursday it would spin off its South African thermal coal business into a new company listed in Johannesburg and London, as it moves to transition out of assets that mine the most polluting fossil fuel.

The London-listed miner said the transaction would be subject to shareholder approval in May.

The anticipated move comes as mining companies are under pressure to stop mining coal from investors and governments keen to switch to cleaner fuels.

Anglo said it would provide an initial cash injection of 2.5 billion rand ($172.68 million) to the spin-off company, Thungela Resources Limited, and sell and market its products for at least three years.

Continue read on nasdaq.com