04 May 2017

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Anglo American to sell Australian coal mine

Johannesburg - Anglo American [JSE:AGL] announced on Thursday that it has entered into a sale and purchase agreement with Malabar Coal to sell its 88.17% interest in the Drayton thermal coal mine and Drayton South project located in New South Wales, Australia.

The transaction will be effected via a sale of shares in the subsidiary companies holding Anglo American's interest in Drayton. It remains subject to several conditions and its terms are confidential.

Mark Cutifani, CEO of Anglo American, said the agreement to sell the Drayton thermal coal mine marks further progress as it focuses its global portfolio around its largest and most competitive assets.

Anglo American ceased mining activities at the Drayton mine during 2016.

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