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Sasol May Sell Coal Mines – Report

Coal News - Published on Fri, 20 Sep 2019

Image Source: businesslive.co.za
According to a report by Bloomberg News, world’s biggest manufacturer of fuel from coal South African petrochemicals giant Sasol may be planning to sell its 40 million tonnes per year coal mining business. Citing people familiar with the firm’s plans, Bloomberg said a formal sales process would be put into motion in the coming weeks.

Sasol told Bloomberg News “We do not wish to comment at this stage on which assets have been earmarked for divestment, since they form a part of a disciplined and confidential M&A process. Sasol will update the market as and when appropriate regarding progress on the asset review process.”

Sasol is grappling with cost overruns and delays at its giant US chemicals project. Selling its coal mines may also help Sasol reduce its environmental liabilities at a time when more investors are focusing on how businesses affect climate change

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Posted By : Rabi Wangkhem on Fri, 20 Sep 2019
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