Seriti Resources concludes acquisition of 91.8% shareholding in South Africa Energy Coal
Seriti Resources has concluded an acquisition agreement with South32 to acquire South 32’s 91.835% shareholding in South Africa Energy Coal (SAEC).
Located in the coalfields of Mpumalanga, SAEC includes four collieries – Khutala Colliery, Klipspruit Colliery, Middelburg Colliery and the Wolvekrans Colliery – as well as three processing plants, producing energy coal for the domestic and export market.
Included on the Seriti Resources side of the transaction are two trusts which will acquire equity on behalf of employees and communities. The remaining 8.165% interest in SAEC is held by a consortium led by the Phembani Group.
The purchase price includes an up-front cash payment of approximately ZAR100 million (US$6.75 million). In addition, South32 will receive 49% of the free cash flow generated by SAEC from the date the transaction is concluded until March 2024. That component will be limited to a maximum of ZAR1.5 billion (US$101 million) a year.
Subject to conditions, the transaction would be expected to close in nine to twelve months.
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