IN BRIEF: South32 expects to seal Illawarra coal deal in September
South32 Ltd - Perth-based diversified mining group - Says the sale of its Illawarra metallurgical coal to an entity owned by Golden Energy & Resources Pte Ltd and M Resources Pty Ltd is now unconditional, after meeting all conditions. Expects the transaction to be complete on or around September 2. South32 first announced the proposed deal late in May. 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