British miner Anglo American has said it intends to sell its 9.7% stake in South African diversified miner Exxaro Resources, valued at R3.39 billion. The company says it plans to use the proceeds to reduce debt.
According to Reuters, Main Street 333 Proprietary, Exxaro's controlling BEE shareholder, will also sell its interest in Exxaro.
Anglo American's stake of 9.7%, the equivalent of 35 million shares, was most recently valued at R3.39 billion. Main Street's share holding equals R1.66 billion.