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South32 looking for new owners of coal assets in South Africa

Coal News - Published on Fri, 14 Sep 2018

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IOL reported that South32 has confirmed that it was looking for new owners of local thermal coal assets after embarking on the process of widening the ownership of the business in the September 2018 quarter as reports emerged that Exxaro, Seriti Resources and non-profit organisation Mining Forum of South Africa had made a bid for the operations. A South32 spokesperson said that the company had received several unsolicited expressions of interest and would start to engage with those who had shown an interest in the business. He said “We have retained Morgan Stanley and Macquarie to advise on the sale process and the likely timing will be somewhere in the range of 18 to 24 months. We have now commenced a process to broaden South Africa Energy Coal’s ownership, consistent with our commitment to further transform our South African operations.”

South32 is a JSE, London and Australian-listed mining and metals company, which was spun out of mining giant BHP Billiton in 2015. The company’s energy-coal business in South Africa has three operating mines, which produced almost 29 million metric tons of the fuel last year. The planned sale is part of a plan to take thermal coal business forward in line with its commitment to the country’s transformation agenda.

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Posted By : Rabi Wangkhem on Fri, 14 Sep 2018
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