South32 in talks to sell South Africa coal business
2019-08-23 09:29:24 [Print]
Australian miner South32 Ltd. said it was in talks to sell its South Africa thermal coal business to Johannesburg-based Seriti Resources, 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.
The miner, which had flagged last year that it was looking to sell its energy coal business in South Africa, did not disclose a deal value, but said it consists of a modest upfront cash payment and a deferred price mechanism.
Seriti Resources was not immediately available for comment.
The planned sale follows Rio Tinto's exit from coal in 2018 and comes days after the head of BHP Group, the world's biggest miner, said the company had put its thermal coal operations under review.
The miner, which had flagged last year that it was looking to sell its energy coal business in South Africa, did not disclose a deal value, but said it consists of a modest upfront cash payment and a deferred price mechanism.
Seriti Resources was not immediately available for comment.
The planned sale follows Rio Tinto's exit from coal in 2018 and comes days after the head of BHP Group, the world's biggest miner, said the company had put its thermal coal operations under review.
