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Investors cheer Anglo's sale of Australian coal mine

Cape Town – Anglo American’s [JSE: AGL] share price traded up on Monday morning following the news that it has completed the sale of its stake in Drayton coal mine in Australia.

The share price which opened at R287.70 strengthened by 3.61% to trade at R297.58 by 11:39 on the JSE.

In May 2017, Anglo American announced it 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.

Anglo ceased its mining activities at Drayton during 2016. The terms of the transaction remain confidential, the notice read.

“The sale of Drayton marks further progress in the transformation of our globally diversified portfolio, focused around our largest and most competitive assets,” said Anglo CEO Mark Cutifani.

The company’s 2017 earnings jumped on the back of a commodity price boom, Bloomberg reported.

Anglo issued a $1.02 dividend per share and managed to cut its debt by $4.5bn.

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