(Ecofin Agency) - Mining giant Anglo American announced on November 30, 2016, that it will sell its 9.7% stake in South African firm Exxaro. The firm said it will use proceeds from the sale to reduce its debt. The 9.7% stake (35 million shares) was valued at around R3.38 billion ($240.2 million), based on the closing rate fixed at the closure of JSE on Tuesday.

Anglo American announced a 40% increase in its production this year, against 2012. The firm said its current output exceeded 2012’s because it reduced over the period the assets of its portfolio from 68 to 42. It further indicated that it would decrease more from 42 to 37.

Anglo American is the world’s 27th largest miner, according to PwC. Its AIM-listed subsidiary, Anglo American Platinum, is the world’s  largest platinum producer and De Beers, another of its subsidiaries, is the world’s biggest diamond company.

Louis-Nino Kansoun