South32: Illawarra metallurgical coal sale unconditional

South32 advises that all conditions precedent to the sale of Illawarra Metallurgical Coal to an entity owned by Golden Energy and Resources Pte Ltd and M Resources Pty Ltd (the Buyer) have been satisfied.

Accordingly, the Transaction is unconditional and is expected to complete on or around 2 September 2024. South32 Chief Executive Officer, Graham Kerr said: “The sale of Illawarra Metallurgical Coal is a significant milestone in the transformation of our portfolio towards commodities critical to a low-carbon future. The transaction will simplify our business, strengthen our balance sheet and reduce our capital intensity, unlocking capital to invest in our high-quality development projects in copper and zinc.

“Looking forward, our strategy and disciplined approach to capital allocation is unchanged. We remain focused on delivering our development projects and advancing our portfolio of earlier stage options to further increase our exposure to commodities critical to a low-carbon future and realise substantial value for our shareholders.

“I would like to thank our colleagues at Illawarra Metallurgical Coal for the contribution they have made to our business and wish them every success for the future.”