Britain and the United States will transfer South African steaming coal assets to a new company to withdraw from polluted resources amid increasing investor pressure.
Anglo American said Thursday that the split company Tungera will be listed on the Johannesburg and London stock exchanges. Thungela produced 16.5 million tonnes of coal last year and has $ 1.3 billion worth of assets.
“As the world transitions to a low-carbon economy, we must continue to act responsibly,” said Mark Cutifani, Chief Executive Officer of the United States and Britain. “Our proposed division of what is a valuable natural resource for South Africa makes that possible.”
Mining companies are under pressure to sell from coal mines. Rio Tinto sold its last mine in 2018, and BHP is also looking to withdraw from the steaming coal business.
The company said British and American investors will receive one share of Thungela for every ten shares of British and American shares they hold.
Britain and the United States dismantling South African coal assets
Source link Britain and the United States dismantling South African coal assets