Anglo American to Spin Off South African Coal Mines2021-04-092021-04-09http://www.liquidafrica.com/wp-content/uploads/2015/12/LA-Logo.pngliquidafricahttp://www.liquidafrica.com/wp-content/uploads/2015/12/LA-Logo.png200px200px
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.
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Naspers extended gains for a third day, up 2.1% to provide the biggest boost to the index
Anglo American halted a two-day slide, rising 1% as iron ore prices rebounded, leading the gauge for mining stocks higher for the first day in three.
South African stocks rose on Thursday, gaining 0.6% as of 10:55 in Johannesburg and heading for a fresh all-time record close, as miners recovered amid optimism over a global recovery and as a stronger rand boosted banks.
Johannesburg stocks joined peers in posting gains as the technology sector led a wider Asian rally after weaker-than-expected consumer price inflation data Wednesday eased concerns about the U.S. economy overheating, and helped to further stall the rising trend in bond yields.