(Bloomberg) – Anglo American Plc outlined plans to separate its South African coal mines into a new business, hastening its retreat from mining thermal coal.
Anglo has been plotting an exit from the most-polluting fuel for more than a year and has always said separating its South African business was the most likely outcome.
Anglo will still own a coal mine in Colombia that it’s also planning to sell and coking coal mines in Australia, used to make steel rather than burned for power.
The new business will be called Thungela Resources Ltd., the company said in a statement. Existing shareholders in Anglo will be handed stock in the new company that will be listed in both Johannesburg and London. Thungela is expected to start trading on June 7.
The world’s biggest miners have been looking to exit thermal coal mining as more and more investors say they don’t want exposure to the fuel.
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