Anglo American sells remaining Thungela Resources stake for $115M

Mar. 25, 2022 7:53 AM ETAnglo American plc (AAUKF), NGLOYTNGRFBy: Carl Surran, SA News Editor2 Comments

Coal Worker With Handful Of Coal

Monty Rakusen/Cultura via Getty Images

Anglo American (OTCQX:AAUKF, OTCQX:NGLOY) says it sold its remaining shareholding in Thungela Resources (OTCPK:TNGRF) for 1.6B South African rand ($115M), completing its exit from the South African coal business.

Anglo spun off its entire stake in its South African coal mines into Thungela and distributed all but 8% of the shares to its shareholders through an IPO last June.

Each share was priced at 154 rand ($10.60), which represents a 12% discount to the March 24 closing price.

The prospects for Thungela seemed dim at the time of its listing, but shares are up six-fold in the last nine months thanks to surging coal prices.

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