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Report: Masimong lead bidder for Anglo American coal mines in South Africa

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Report: Masimong lead bidder for Anglo American coal mines in South Africa

Backed by South African Chamber of Mines President Mike Teke, Masimong Minerals (Pty) Ltd. is said to have emerged as the lead bidder during the auction for some of Anglo American Plc's South African coal mines, Bloomberg News reported March 29, citing "two people familiar with the matter."

Masimong is leading the Phembani Group in the process, and their offers for the assets range between 2 billion South African rand to 3 billion rand.

These mines account for about 50% of the Anglo American's coal output in South Africa and mainly supply coal to power utility Eskom Holdings SOC Ltd., the report added.

Anglo American spokesman Pranill Ramchander said the company was in talks "with a number of shortlisted bidders and continues to engage key stakeholders in relation to the Eskom-tied domestic thermal coal operations."

Both Phembani and Masimong were reportedly planning a listing of their companies if they are successful in buying Anglo American's South African coal mines.

In February, Eskom CEO Matshela Koko said the power utility was in talks with Anglo American to acquire the New Vaal, Kriel, New Denmark and New Largo coal mines.