Anglo American Plc is selling another 6% of its platinum business in a move aimed at increasing the South African unit’s free float ahead of a full exit.

Anglo said it would get $2.05 billion in cash upfront from Peabody, a US coal miner, with another $725 million in deferred payment. The company could receive a further $550 million depending on the coal price and $450 million depending on the reopening of its Grosvenor mine.

Anglo American has completed an accelerated bookbuild offering, raising ZAR9.6 billion to support the strategic demerger of Anglo American Platinum.

Anglo American Plc raised 9.6 billion rand ($530 million) from the sale of a 6.6% stake in Anglo American Platinum Ltd., a move aimed at increasing the South African unit’s free float ahead of a full exit.

Anglo American South Africa, a division of the diversified mining company Anglo American, has divested a 6.6% stake in Anglo American Platinum (Amplats), a platinum group metals (PGM) miner. The transaction involved the sale of 17.