Australia's South32 to sell thermal coal assets for $6.8 mln upfront

  • Reuters
  • Stock Market News
Australia's South32 to sell thermal coal assets for $6.8 mln upfront
Credit: © Reuters.

Nov 6 (Reuters) - Australian miner South32 Ltd S32.AX on Wednesday said it entered an agreement with Johannesburg-based Seriti Resources for the sale of its South African thermal coal business.

Seriti will make an up-front cash payment of about 100 million rand ($6.8 million), based on an enterprise value of 1.25 billion rand, to acquire South32 SA Coal Holdings Proprietary Ltd, South32 said in a statement.

South32 is the latest company to get out of energy coal at a time when investor pressure and climate change concerns are prompting businesses to limit their exposure to fossil fuels. (reut.rs/2rdaCTq)

($1 = 14.7419 rand)

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