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 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 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.

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

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