Anglo American hammers home the point that thermal coal is no longer an asset it wants and it will be out of SA thermal coal within three years
Anglo American will remove SA thermal coal from its portfolio within three years, CEO Mark Cutifani said on Tuesday.
“In combination with our ongoing portfolio evolution — with Quellaveco in copper, and Woodsmith in crop nutrients, and our expected exit from our thermal coal operations in SA in the next two to three years — we are well positioned for future demand themes and the needs of modern consumers and society,” Cutifani said.
Anglo’s total thermal coal output has fallen by more than half since 2012 to 38-million tonnes, with a big sale of its coal mines supplying SA power utility Eskom to Seriti Resources and the sale of thermal coal mines in Australia. But the move towards environmentally friendly assets as investors balk at putting their money into companies mining fossil fuels and contributing to greenhouse gas emissions, the need to change was apparent.
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