Anglo looks to shed SA coal operations

Anglo American is planning to divest itself of its thermal coal mining operations in South Africa in the next three years, amid mounting pressure from stakeholders to move away from fossil fuels.

8 May 2020

123rf.com

“We are … working towards a possible demerger of our thermal coal operations in South Africa as our likely preferred exit option, expected in the next two to three years, with a primary listing on the Johannesburg Stock Exchange for the demerged business. We will continue to consider other exit options as we engage with stakeholders as part of our commitment to a responsible transition.

“Given the significant scale and diversification of Anglo American and the capital allocation options we have across our global portfolio – combined with our overall trajectory towards those products that enable a cleaner, greener, more sustainable world – we believe that the long term prospects of our thermal coal operations in South Africa may be best served under different ownership,” the company said in a written reply to a stakeholder question.