South32 Limited advises that the Competition Tribunal of South Africa has completed its hearing to consider the proposed sale of our shareholding in South Africa Energy Coal to Seriti Resources Holdings Proprietary Limited (the Transaction) and is expected to announce its decision within 10 business days.
While the Transaction remains subject to material conditions, including the Competition Tribunal’s decision and approvals from Eskom Holdings SOC Limited (Eskom), South32 continues to make progress towards achieving these and expect to conclude the transaction during the March 2021 quarter.
Separately, Eskom has submitted a new energy supply agreement for South32’s Hillside Aluminium smelter to the National Energy Regulator of South Africa (NERSA). The new agreement is to cover power supplied for a 10-year period with a tariff that is South African rand based.
The NERSA approval process is expected to be concluded during the June 2021 half year.
South32 is a globally diversified mining and metals company. The company produces bauxite, alumina, aluminium, energy and metallurgical coal, manganese, nickel, silver, lead and zinc at its operations in Australia, Southern Africa and South America.