Anglo American creates new company

Anglo American creates new company
FILE: Anglo American is pulling out of the coal mining business in SA.

The company will have a market value of about R20 billion on the stock exchanges and is a coal company.

Thungela Resources is the new Mpumalanga coal company will be created out of Anglo American’s divestment in thermal coal assets.

The company will be listed on the JSE and LondonSE on 7 June 2021.

It will own Anglo’s Goedehoop, Greenside and Khwezela coal mines near eMalahleni in Mpumalanga and also hold major stakes in Zibulo mine near Ogies.

Shareholders will get one share in Thungela for every 10 shares they hold in Anglo.

Each Thungela share is expected to cost around R140.

Anglo American is currently doing away with all its environmentally unfriendly operations as part of its 2040 carbon neutral plan.

Thungela will also hold Anglo’s 23% stake in the Richards Bay Coal Terminal, the maritime infrastructure asset via which the bulk of coal is exported from South Africa.

It will also hold a Anglo’s 50% stake in Exxaro’s Mafube colliery in Mpumalanga.

Anglo will pump R2.5 billion cash into Thungela.

(edited by MLM)
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