(Alliance News) - Anglo American PLC on Friday said it has sold its remaining 8.0% stake in coal offshoot Thungela Resources.
The diversified miner took home ZAR1.67 billion, or USD115 million, from the sale of its shares which were priced at ZAR154 each - a 12% discount to the closing price on Thursday.
Anglo American shares were up 0.7% to ZAR764.35 in Johannesburg on Friday morning, and were up 1.3% to 3,992.00 pence in London. Thungela's stock lost 8.2% in Johannesburg to ZAR160.65, and lost 6.2% to 864.80p in London.
Last year June, Anglo American completed the demerger of the South African thermal coal business. Thungela owns a 50% interest in Phola, which owns and operates the Phola coal processing plant in Mpumalanga, South Africa. Thungela also holds a 23% interest in the Richard Bay coal terminal, also in South Africa.
In addition, Thungela produces thermal coal from seven collieries in Mpumalanga, namely Goedehoop, Greenside, Isibonelo, Khwezela, Zibulo, Mafube and Rietvlei.
Anglo American had first announced the demerger in early April, as part of its "responsible transition" away from thermal coal.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Anglo American (AAL)
Thungela Resources (TGA)