Anglo American Sells New Largo Project for ZAR850 Million

01/29/18 02:37 AM EST
   By Oliver Griffin 
 

Anglo American PLC (AAL.LN) said Monday that it has sold the New Largo thermal-coal project and Old New Largo closed colliery in South Africa for 850 million rand ($71.5 million) in cash.

New Largo--as the two assets are collectively known--was sold by the company's 73%-held subsidiary, Anglo American Inyosi Coal (Proprietary) Limited, to New Largo Coal Proprietary Limited, Anglo American PLC said. New Largo Coal is owned by Seriti Resources Proprietary Limited and Coalzar Proprietary Limited, it said.

The principal asset at New Largo is a 585 million-ton coal resource, the mining multinational said.

Anglo American said it expects the deal to close in the second half of 2018.

 

Write to Oliver Griffin at oliver.griffin@dowjones.com

 

(END) Dow Jones Newswires

January 29, 2018 02:37 ET (07:37 GMT)

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