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Anglo to off-load New Largo thermal coal project for 850M rand

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Anglo to off-load New Largo thermal coal project for 850M rand

Anglo American Plc agreed to sell its New Largo thermal coal project and the Old New Largo closed colliery in South Africa for 850 million South African rand, the company said Jan. 29.

The company will sell the stake through its 73%-held subsidiary Anglo American Inyosi Coal Pty. Ltd. to Seriti Resources Pty. Ltd.- and Coalzar Pty. Ltd.-owned New Largo Coal Pty. Ltd. and the Industrial Development Corp. SOC Ltd.

Seriti and Coalzar are majority owned and controlled by historically disadvantaged South Africans.

In May 2017, the diversified miner reportedly received several bids for the New Largo project of about 1 billion South African rand. Seriti Resources was one of the bidders.

Anglo American South Africa Deputy Chairman Norman Mbazima said the sale is in line with the company's long-standing strategy to exit its Eskom-tied coal assets.

The transaction is expected to close in the second half.