Shareholders of Anglo American have voted in favour of the demerger of its coal business, which will be spun out into Thungela Resources.
The demerger is expected to be completed on June 4.
Thungela, which will be led by July Ndlovu as CEO, plans to have a primary listing on the JSE and a standard listing on the LSE, while 100% of the issued share capital will be held by existing Anglo American shareholders who will receive one Thungela share for every ten Anglo American shares they hold.
Thungela owns interests in, and produces its thermal coal predominantly from, seven mining operations – Goedehoop, Greenside, Isibonelo, Khwezela, AAIC (operating the Zibulo colliery), Mafube Coal Mining (operating the Mafube colliery) and Butsanani Energy (operating the Rietvlei colliery) – which consist of both underground and opencast mines located in the Mpumalanga province of South Africa.
It also holds a 50% interest in Phola, which owns and operates the Phola coal processing plant, and a 23.22% indirect interest in Richards Bay Coal Terminal.