South32 divests from South Africa Energy Coal
PERTH, WA, AUSTRALIA – South32 today welcomed the decision by the Competition Tribunal of South Africa to approve the sale of our shareholding in South Africa Energy Coal to Seriti Resources. The approval includes conditions to be met by Seriti following the Transaction’s close. In reaching its decision the Competition Tribunal heard evidence from a number of interested parties, including Eskom.
South32 Chief Executive Officer, Graham Kerr said “The approval of the transaction by the Competition Tribunal marks an important step on the path to completing the sale of South Africa Energy Coal. While the transaction remains subject to material conditions, including approvals from Eskom, we continue to make progress in securing these and remain on-track to close during the March 2021 quarter.”
Seriti Chief Executive Officer, Mike Teke said “This is a significant step for Seriti in its strategic journey towards our goal of becoming a South African mining champion. And this is another step towards greater certainty for employees, communities and suppliers at and around these operations of a sustainable future. The transaction remains strategically compelling for South Africa’s energy security, and for Seriti’s desire to participate meaningfully in both the domestic and export coal markets. We are confident that we will be able to make good progress in the final elements of the transaction in the next few months.”
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 in its operations in Australia, Southern Africa, and South America.