Anglo Coal announces the creation of Anglo Inyosi Coal, a new empowered coal company in South Africa
08 February, 2007
Anglo Coal, a wholly owned business of Anglo American plc, is pleased to announce the creation of Anglo Inyosi Coal, an empowered coal company housing key current and future domestic and export focused coal operations.
Anglo Coal has signed a Heads of Agreement with Inyosi, a newly formed broad-based black economic empowered (BEE) company. Inyosi will acquire 27% of Anglo Inyosi Coal, creating a company valued at R7 billion (approximately $1 billion) and incorporating several key Anglo Coal assets, namely Kriel Colliery an existing mine, and the Elders, Zondagsfontein, New Largo and Heidelberg projects.
Notes to Editors:
Anglo American plc is one of the world's largest mining and natural resource groups. With its subsidiaries, joint ventures and associates, it is a global leader in platinum group metals, gold and diamonds, with significant interests in coal, base and ferrous metals, industrial minerals and paper and packaging. The group is geographically diverse, with operations in Africa, Europe, South and North America, Australia and Asia. (www.angloamerican.co.uk)
Anglo Coal has already played a major role in establishing empowerment in the coal sector through the creation of Eyesizwe Coal, Imbambi Coal and Leeuw Mining, and the waiver of its rights in favour of HDSA companies at the expansion project at Richards Bay Coal Terminal. Anglo Coal also has a 50:50 joint venture with Eyesizwe to mine the Arnot North coal reserves, situated some 30km east of Middelburg in Mpumalanga, South Africa.