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Report: Anglo American shortlists bidders for certain South African coal assets

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Report: Anglo American shortlists bidders for certain South African coal assets

Anglo American Plc has shortlisted bidders for the sale of some of its South African coal assets as the company plans to focus on mining diamonds, platinum and copper, Bloomberg News reported Jan. 18, citing two people familiar with the matter.

The shortlisted parties include groups led by some of the country's most prominent black businessmen including Mike Teke, president of South Africa's Chamber of Mines; Phuthuma Nhleko, chairman of the Phembani Group and head of Africa's biggest mobile phone company MTN Group Ltd.; and Sandile Zungu, executive chairman of Zungu Investments.

Rand Merchant Bank is involved in the process, according to the sources who requested anonymity.

The mines under discussion include New Vaal, Kriel and New Denmark, which account for about 50% of Anglo American's South African coal production and sell coal locally, mainly to state power company Eskom Holdings SOC Ltd.

Anglo American last year unveiled plans to dispose more than half its assets to focus on a smaller group of commodities.

A company spokesperson, Moeketsi Mofokeng, said Anglo American will not comment on potential bidders due to confidentiality agreements.