Anglo American has completed the sale of its remaining 8% stake in South African thermal coal exporter Thungela Resources.

With the sale, Anglo American has withdrawn from the South African coal business.

Amid pressure from investors to pull out of coal businesses, the mining firm transferred its entire stake in its South African coal mines into new holding company Thungela.

In June 2021, Anglo American distributed most of the shares in Thungela Resources to its shareholders, through an initial public offering. This excluded the 8% stake.

Anglo American has now transferred this remaining interest in the new holding company, Thungela, through an accelerated bookbuild to several major financial institutions.

The firm offloaded its remaining shareholding in Thungela for $123.3 (R154) a share, realising $115m (R1.67bn) in gross proceeds.

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In a press statement, Anglo American said: “At the time of the demerger of Thungela to Anglo American’s shareholders, which was completed in June 2021, Anglo American stated its intention to dispose of its remaining interest in Thungela over time and in a responsible manner, subject to market conditions and not within the first six months following the demerger.

“Following the end of that six month period in December 2021 and the end of Thungela’s closed period following the announcement of its 2021 results on 22 March 2022, Anglo American launched and completed the sale of its remaining shares and no longer holds any shares in Thungela.”

Thungela produces thermal coal mainly from seven mining operations in South Africa.

The firm exports thermal coal portfolio mainly to the Asian, Indian, SEA, Middle East and North African markets.