Deals
Anglo American to Sell South African Coal Mines to Seriti
- Seriti will be second-biggest supplier of coal to Eskom
- Transaction seen closing by the end of this year, Anglo says
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Anglo American Plc agreed to sell a group of South African coal mines to black-controlled Seriti Resources Holdings Ltd. for about 2.3 billion rand ($166 million) as it focuses on other commodities.
Seriti, which is led by South African Chamber of Mines President Mike Teke, will buy three thermal coal operations that supply state-owned power utility Eskom Holdings SOC Ltd., as well as four closed collieries, Anglo said in a statement Monday. The sale, which is expected to close by the end of the year, will make Seriti the second-biggest provider of energy coal to Eskom, supplying almost a quarter of the utility’s current annual requirements.