Johannesburg – Anglo American has received bids for its New Largo project in South Africa, as the company continues its efforts to exit operations in the country that supply coal to local power plants, according to two people familiar with the process.
Seriti Resources Holdings, which agreed last month to buy thermal coal mines from Anglo American for about R2.3 billion, is among the bidders for New Largo, said the people, who asked not to be identified because the talks are private.
MTN chairman Phuthuma Nhleko’s Phembani Group also bid, as did Sipho Maseko and Jabu Mabuza, the chief executive and chairman of Telkom, the people said.
The bids are in the range of about R1 billion, according to one of the people.
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The sale of New Largo would help to complete Anglo’s exit from operations that provide coal to Eskom, although the companies have yet to sign a supply agreement for the project.