Anglo American sells 9.7% stake in Exxaro Resources

Anglo American has sold 35m shares, or a 9.7% interest in Exxaro Resources for 87 South African rand per share, raising gross proceeds of around ZAR3bn ($215m).

The sale price represents a 10% discount to the closing price on Wednesday.

Anglo, which will no longer hold a direct equity interest in Exxaro, plans to use the proceeds from the sale to reduce net debt.

At 0840 GMT, the shares were up 2.5% to 1,215p.