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Anglo American to sell Eskom-tied coal operations

Anglo American has agreed to sell its Eskom-linked coal-mines for R2.3-billion.

The mines will be taken over by Seriti Resources.

The black-owned company is set to become the second-largest supplier of coal to Eskom once the deal is concluded.

Anglo American

The move was prompted by Eskom’s demand for more coal to be supplied by majority black-owned companies.

This is also part of Anglo’s strategy to dispose of assets in order to reduce debt.

The power utility currently generates more than 90-percent of its electricity from the burning of coal.

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