ANGLO American Plc will separate its South African coal mines into a new business this year, as the company accelerates its response to investor pressure over the most-polluting fuel.
Anglo has been plotting an exit from thermal coal for more than a year and has always said separating its South African business was the most likely outcome. Anglo will still own a coal mine in Colombia that it’s also planning to sell and coking coal mines in Australia, used to make steel rather than burned for power.
The new business, called Thungela Resources Ltd., will be listed in Johannesburg and London in June, the miner said in a statement on Thursday. Investors will receive one Thungela share for every ten Anglo American shares that they hold. Anglo executive July Ndlovu has been named chief executive officer.
Anglo rose 1.8% at 11:18 a.m. in London.
The world’s biggest miners have been
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