Anglo to sell New Largo assets for R850m

LSE- and JSE-listed Anglo American will sell its New Largo thermal coal assets, which are held by its 73%-held subsidiary Anglo American Inyosi Coal, to New Largo Coal, which is owned by Seriti Resources, Coalzar and the Industrial Development Corporation (IDC), for R850-million. Seriti and Coalzar are majority owned and controlled by historically disadvantaged South Africans.