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Anglo closes sale of South African thermal coal portfolio

Anglo American Plc completed the sale of its Eskom-tied domestic thermal coal operations in South Africa to Seriti Resources Pty. Ltd., it said March 1.

The company will receive 2.3 billion South African rand for the portfolio, comprising the New Vaal, New Denmark and Kriel collieries as well as four closed collieries.

When the deal was announced in April 2017, it was expected to close by the end of 2017.

South Africa's Eskom Holdings SOC Ltd. was also one of the hopefuls for the three operational coal mines, which fuel the utility's power stations.

Anglo recently completed the sale of its 88.17% interest in the Drayton thermal coal mine and Drayton South project in New South Wales, Australia, to Malabar Coal Ltd.

Anglo ceased mining activities at the Drayton mine in 2016, and according to the Feb. 26 release, the terms of the sale remain confidential.