Anglo further cuts AngloGold stake to 11.88 pct
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19 February 2009

LONDON (Reuters) - Mining group Anglo American Plc has further cut its stake in South Africa's AngloGold Ashanti to 11.88 percent, according to a regulatory filing. Anglo sold around 5.1 million shares in AngloGold during February 9-18, reducing the stake from 13.3 percent, according to a document filed late on Wednesday with the U.S. Securities and Exchange Commission.

Based on the average share prices during that period, the sale would have totalled around $150 million. Anglo American, which is due to post annual results on Friday, said on Wednesday it had cut its stake in AngloGold to 13.3 percent from 16.3 percent by February 5, raising about $280 million. Analysts have said Anglo's $11 billion of debt will be in focus at the results presentation and the AngloGold share sales will help improve cash flow. Anglo has said it eventually plans to dispose of the remaining stake in AngloGold, the world's third-biggest gold company by production, to better focus on its core businesses of base metals, iron ore and platinum. Before it began reducing its holding in 2006, Anglo held a majority stake in AngloGold.