South32 to Sell Illawarra Metallurgical Coal for Up to $1.65 Billion

By Rhiannon Hoyle

South32 said Thursday it has agreed to sell its Illawarra Metallurgical Coal business to an entity owned by Golden Energy and Resources and M Resources for up to $1.65 billion.

The deal includes an upfront cash payment of $1.05 billion as well as a deferred sum of $250 million--payable in 2030--and a further $350 million over five years that is contingent on market prices reaching agreed thresholds.

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(END) Dow Jones Newswires

02-28-24 1641ET