South32 Ltd. (AU:S32) has released an update.
South32 Limited has announced the unconditional sale of Illawarra Metallurgical Coal to Golden Energy and Resources Pte Ltd and M Resources Pty Ltd, set to finalize on September 2, 2024. The deal, valued at an upfront cash consideration of US$1,050M minus a US$40M deposit, also includes a deferred consideration of US$250M due in 2030 and a contingent price-linked cash consideration of up to US$350M. This strategic divestment aims to streamline South32’s operations, enhance its financials, and allow for investment in copper and zinc projects aligned with low-carbon initiatives.
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