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Anglo American to sell South African coal mines

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An Anglo-American coal mine in Mpumalanga, South Africa.

Photographer: Waldo Swiegers / Bloomberg

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Anglo American Plc will separate its South African coal mines into a new business this year, as the company ramps up its response to investor pressure on the most polluting fuel.

Anglo has been planning an exit from thermal coal for over a year and has consistently said the separation of its South African operations was the most likely outcome. Anglo will still own a coal mine in Colombia that it also plans to sell and coking coal mines in Australia, which are used to make steel rather than burnt to generate electricity.

The new company, called Thungela Resources Ltd., will be listed in Johannesburg and London in June, the miner said in a statement Thursday. Investors will receive one Thungela share for every ten Anglo American shares they own. Anglo July leader Ndlovu has been appointed managing director.

Anglo was trading 2.2% higher at 8:05 am in London.

The world’s largest miners have sought to exit thermal coal as more investors say they don’t want to be exposed to the fuel. Anglo has already significantly reduced its production in recent years, cutting it by more than half.

However, CEO Mark Cutifani previously acknowledged that the company probably missed the best opportunity to get the highest price for assets. Instead, he said the focus was on responsibly handing over mines.

Read more: Stuck with coal pits the world needs, but few want

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