December 14, 2020 Read More →

Anglo American to exit thermal coal sector by mid-2023

Reuters:

Anglo American will divest from its South African and Colombian thermal coal operations by mid-2023, the miner said on Friday as it sought to demonstrate to investors its commitment to a shift towards clean energy sources.

The global miner said a de-merger and listing on the Johannesburg Stock Exchange was the most likely route for its South African thermal coal assets.

Anglo American, which produces platinum, copper, diamonds, iron ore, and thermal and metallurgical coal, highlighted its green credentials as the mining industry faces increasing scrutiny over its carbon footprint.

“With the bulk of (growth) options in copper, PGMs, and now also crop nutrients, we are increasingly positioned to supply those metals and minerals that enable a cleaner, greener, more sustainable world,” Chief Executive Mark Cutifani said on Friday in an annual update to investors.

Cutifani said the company planned to exit its Cerrejon thermal coal mine in Colombia within 1 1/2 to 2 years, while the South African thermal coal exit will happen within 2 1/2 years.

[Helen Reid]

More: Anglo American maps out thermal coal exit, sees higher output

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