Anglo American completes sale of South African coal unit

Mining firm Anglo American completed the sale of its Eskom-tied domestic thermal coal operations in South Africa to Johannesburg-based group Seriti Resources on Thursday, offloading the operations for a total of ZAR 2.3bn.

Mark Cutifani, chief executive of Anglo American, said the sale continued the "reshaping of its global asset portfolio" while realising value for its shareholders and ensuring a "reliable supply of coal to Eskom."

Norman Mbazima, deputy chairman of Anglo American South Africa, said, "We believe the conclusion of the sale to Seriti, a broad-based, majority black-owned and controlled South African mining company, represents a major step change in transformation in the coal (and broader mining) sector, reinforcing Anglo American's longstanding track record, and commitment to, economic empowerment and sustainable transformation."

As of 1130 GMT, shares had dialled back 0.82% to 1,766.00p.