22nd Aug 2024 10:26
South32 Ltd - Perth-based diversified mining group - Expects the sale of Illawarra Metallurgical Coal in New South Wales to be concluded earlier than thought on August 29. It had said late last month it expected the deal to be wrapped up on or around September 2. In February, South32 agreed to sell this coal asset to an entity owned by Golden Energy & Resources Pte Ltd and M Resources Pty Ltd. On completion, South32 will receive the upfront cash payment of USD1.05 billion, less the already paid deposit of USD40 million. The deferred cash consideration of USD250 million, payable in 2030, and the contingent price-linked cash consideration of up to USD350 million, will be recognised in its financial statements as a non-current other receivable and a non-current other financial asset. Read More