TIDMAAL
RNS Number : 9396A
Anglo American PLC
07 June 2021
7 June 2021
Anglo American completes demerger of Thungela thermal coal
business
Anglo American plc ("Anglo American") announces the completion
of the demerger of its thermal coal operations in South Africa.
Thungela Resources Limited ("Thungela") will start trading today
through a primary listing on the Johannesburg Stock Exchange under
the abbreviated name "Thungela" (Alpha code "TGA"), and a standard
listing on the London Stock Exchange (ticker symbol "TGA"). As a
leading South African thermal coal exporter, Thungela offers
investors access to a high quality thermal coal business with low
cash cost and high-margin assets and a strong balance sheet,
underpinned by a robust ESG framework.
The admission to trading of Thungela on the Johannesburg and
London stock exchanges follows the completion of the demerger of
Anglo American's thermal coal operations in South Africa that was
announced on 8 April 2021 and was approved by shareholders on 5 May
2021. The scheme of arrangement to implement the demerger was
sanctioned by the UK High Court of Justice on 26 May 2021. The
completion of the demerger took effect at 8.00pm (UK time) on 4
June 2021.
Mark Cutifani, Chief Executive of Anglo American said: "We have
consistently believed in a responsible transition from thermal
coal, being a transition that seeks to balance the needs and
expectations of all stakeholders. The demerger of Thungela lives up
to that promise by bringing our employees, shareholders, host
communities, host government and our customers along with us."
"Thungela starts its journey today as a high quality independent
business. We have every confidence that Thungela will be a
responsible steward of what are valuable thermal coal resources in
South Africa and will continue delivering value for all its
stakeholders and for South Africa as a whole."
July Ndlovu, Chief Executive of Thungela, said: "We are excited
to be listing Thungela today. The company plays an important role
in providing affordable energy to our customers in the developing
world, as well as in South Africa. Our business consists of
well-established, well-managed assets that produce high-quality
thermal coal, with access to a world-class export infrastructure.
Thungela has an enviable cash cost position and is poised to
deliver attractive returns to shareholders."
With the completion of the demerger and at the point of listing
of Thungela, 100% of the issued share capital of Thungela is held
by Anglo American's shareholders who each received one Thungela
share for every ten Anglo American shares that they hold. Each
Anglo American shareholder also retains their existing shareholding
in Anglo American. Thungela holds 90% of the thermal coal
operations in South Africa with the remaining 10% held collectively
by an employee partnership plan and a community partnership
plan.
For further information, please contact:
Media Investors
UK UK
James Wyatt-Tilby Paul Galloway
james.wyatt-tilby@angloamerican.com paul.galloway@angloamerican.com
Tel: +44 (0)20 7968 8759 Tel: +44 (0)20 7968 8718
Emma Waterworth
Marcelo Esquivel emma.waterworth@angloamerican.com
marcelo.esquivel@angloamerican.com Tel: +44 (0)20 7968 8574
Tel: +44 (0)20 7968 8891 Michelle Jarman
Katie Ryall michelle.jarman @angloamerican.com
katie.ryall@angloamerican.com Tel: +44 (0)20 7968 1494
Tel: +44 (0)20 7968 8935
South Africa
Nevashnee Naicker
nevashnee.naicker@angloamerican.com
Tel: +27 (0)71 164 5719
Sibusiso Tshabalala
sibusiso.tshabalala@angloamerican.com
Tel: +27 (0)11 638 2175
Nomonde Ndwalaza
Nomonde.ndwalaza@angloamerican.com
Tel: +27 (0) 11 638 0228
Notes to editors:
Anglo American is a leading global mining company and our
products are the essential ingredients in almost every aspect of
modern life. Our portfolio of world-class competitive operations,
development projects and undeveloped resources, provides many of
the metals and minerals that enable a cleaner, greener, more
sustainable world and that meet the fast growing consumer-driven
demands of developed and maturing economies. With our people at the
heart of our business, we use innovative practices and the latest
technologies to mine, process, move and market our products to our
customers - and to discover new resources - safely and
sustainably.
As a responsible producer of diamonds (through De Beers),
copper, platinum group metals, the steelmaking ingredients of iron
ore and metallurgical coal, and nickel - with crop nutrients in
development and thermal coal operations planned for divestment - we
are committed to being carbon neutral across our operations by
2040. We work together with our business partners and diverse
stakeholders to unlock sustainable value from precious natural
resources for the benefit of the communities and countries in which
we operate, for society as a whole, and for our shareholders. Anglo
American is re-imagining mining to improve people's lives.
www.angloamerican.com
Thungela Resources, which means "to ignite" in isiZulu, is a
leading South African thermal coal business, focused exclusively on
thermal coal production. It is one of the largest pure-play
producers and exporters of thermal coal in South Africa based on
aggregate coal reserves and marketable coal production. Thungela
focuses on exporting its thermal coal portfolio mainly to the
Indian and other developing countries in South Asia.
Thungela's operations are among the highest quality thermal coal
mines in South Africa by calorific value. Thungela 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 (RBCT). RBCT is one of the world's leading coal
export terminals, with an advanced 24-hour operation and a design
capacity of 91 Mtpa.
Thungela is committed to operating in a sustainable way to
ignite value for a shared future, to the benefit of the communities
in which it operates, its employees, shareholders and society as a
whole.
For more information please visit:
www.thungela.com
Important Information
This announcement does not constitute an offer of securities for
sale or a solicitation of an offer to purchase securities in any
jurisdiction nor shall it (or any part of it) or the fact of its
distribution, form the basis of, or be relied on in connection
with, any contract therefor.
The securities to which these materials relate have not been,
and will not be, registered under the US Securities Act of 1933
(the "US Securities Act"), or under the securities laws of any
state or other jurisdiction of the United States. Accordingly, they
may not be offered, sold, resold, delivered, distributed or
otherwise transferred, directly or indirectly, in or into the
United States absent registration under the US Securities Act or an
exemption therefrom.
Forward-looking statements:
This announcement includes forward-looking statements. All
statements other than statements of historical facts included in
this announcement, including, without limitation, those regarding
Anglo American's financial position, business, acquisition and
divestment strategy, dividend policy, plans and objectives of
management for future operations (including development plans and
objectives relating to Anglo American's products, production
forecasts and Ore Reserves and Mineral Resource estimates) and
environmental, social and corporate governance goals and
aspirations, are forward-looking statements. By their nature, such
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Anglo American, or industry results,
to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements.
Such forward-looking statements are based on numerous
assumptions regarding Anglo American's present and future business
strategies and the environment in which Anglo American will operate
in the future. Important factors that could cause Anglo American's
actual results, performance or achievements to differ materially
from those in the forward-looking statements include, among others,
levels of actual production during any period, levels of global
demand and commodity market prices, mineral resource exploration
and development capabilities, recovery rates and other operational
capabilities, safety, health or environmental incidents, the
effects of global pandemics and outbreaks of infectious diseases,
the outcome of litigation or regulatory proceedings, the
availability of mining and processing equipment, the ability to
produce and transport products profitably, the availability of
transportation infrastructure, the impact of foreign currency
exchange rates on market prices and operating costs, the
availability of sufficient credit, the effects of inflation,
political uncertainty and economic conditions in relevant areas of
the world, the actions of competitors, activities by courts,
regulators and governmental authorities such as in relation to
permitting or forcing closure of mines and ceasing of operations or
maintenance of Anglo American's assets and changes in taxation or
safety, health, environmental or other types of regulation in the
countries where Anglo American operates, conflicts over land and
resource ownership rights and such other risk factors identified in
Anglo American's most recent Annual Report. Forward-looking
statements should, therefore, be construed in light of such risk
factors and undue reliance should not be placed on forward-looking
statements.
These forward-looking statements speak only as of the date of
this announcement. Anglo American expressly disclaims any
obligation or undertaking (except as required by applicable law,
the City Code on Takeovers and Mergers, the UK Listing Rules, the
Disclosure and Transparency Rules of the Financial Conduct
Authority, the Listings Requirements of the securities exchange of
the JSE Limited in South Africa, the SIX Swiss Exchange, the
Botswana Stock Exchange and the Namibian Stock Exchange and any
other applicable regulations) to release publicly any updates or
revisions to any forward-looking statement contained herein to
reflect any change in Anglo American's expectations with regard
thereto or any change in events, conditions or circumstances on
which any such statement is based. Nothing in this announcement
should be interpreted to mean that future earnings per share of
Anglo American will necessarily match or exceed its historical
published earnings per share.
Certain statistical and other information about Anglo American
included in this announcement is sourced from publicly available
third-party sources. As such, it has not been independently
verified and presents the views of those third parties, though
these may not necessarily correspond to the views held by Anglo
American and Anglo American expressly disclaims any responsibility
for, or liability in respect of, such information.
Legal Entity Identifier: 549300S9XF92D1X8ME43
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