14th Mar 2025 15:55
(Alliance News) - Thungela Resources Ltd on Friday reported that it has agreed to acquire the remaining interest in Sungela Holdings Pty Ltd, effectively taking full control of Ensham coal mine.
Sungela is Thungela's investment holding company that owns Australian-based Ensham coal mine.
Thungela's co-investors Audley Energy Ltd and Mayfair Corp Group Pty Ltd own a combined 25% stake in Sungela. Audley and Mayfair control 12.5% each in Sungela.
The deal involving Audley and Mayfair is subject to regulatory approvals.
In terms of the transaction, Thungela will make an upfront amount equal to the balance of the Mezzanine loans of AUD81.9 million at February 2025, plus a cash amount of USD862,500.
Thungela will also pay an additional conditional consideration of up to USD7.7 million.
Originally, Audley and Mayfair funded a portion of their 25% investment through loans from Thungela, in an aggregate capital sum of AUD66.8 million.
Late in February, Thungela aquired the remaining 15% of Ensham coal mine from Bowen Investment (Australia) Pty Ltd.
The Bowen aquisition and buyout of co-investors means Thngela now owns 100% of the Ensham mine.
Thungela has said Ensham allows it to diversify geographically into Australia.
Shares in Thungela were flat at 460.00 pence Friday afternoon in London. They were down 1.7% to ZAR107.78 in Johannesburg.
By Artwell Dlamini, Alliance News reporter
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