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Seriti Resources said on Monday that all of the hurdles had now been cleared to allow it to acquire the coal assets of South32 SA. The final hurdle was Eskom’s consent to a new coal supply agreement at its Duvha Power Station. The deal was initially inked in November 2019, but some acquisitions take time. The sale is now expected to be completed on 1 June, with Seriti acquiring the majority stake in South32 SA Energy Coal Holdings (Pty) Ltd (SAEC). “Eskom has agreed to amend the existing terms and conditions stipulated in the Duvha Coal Supply Agreement, which is currently loss-making, adjusting the coal price to R550 per ton with effect from 1 June 2021, with an annual escalation (from 1 January 2022) in line with the Producer Price Index. The agreement will run until 31 December 2024,” Seriti said in a statement. ....
Eskom and Treasury hold the keys to South32-Seriti coal mine transaction news24.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from news24.com Daily Mail and Mail on Sunday newspapers.
Strong operating performance across the portfolio during the quarter combined with improving prices for most of our commodities saw our net cash position increase to US$517 million. During the period we returned US$90 million to our shareholders via our on-market share buy-back bringing total returns under our capital management program to US$1.5 billion. We set year to date production records at Brazil Alumina and Australia Manganese. We increased our production guidance for South Africa Manganese as we continue to respond to market conditions and at Cannington off the back of continued strong underground performance. Having successfully completed a major furnace refurbishment at Cerro Matoso, we approved further investment in a new project that will lift future nickel production. ....
Advertisement South32 Ltd has provided an update regarding the transfer of its shareholding in South32 SA Coal Holdings Proprietary Ltd (South Africa Energy Coal) to Seriti Resources Holdings Proprietary Ltd. The transaction is expected to be concluded following the end of the March 2021 quarter. South32 advises that it has become aware that key information regarding negotiations between South32, Seriti, and Eskom Holdings SOC Ltd has ceased to be confidential ahead of finalising arrangements to satisfy the final material conditions to the transaction. In this regard, and conditional on Eskom’s final approval, the approval of National Treasury for amendments to the terms of the Duvha Coal Supply Agreement and the completion of the transaction, South32 has committed to providing additional support to underpin the sustainability of the South Africa Energy Coal business under the ownership of Seriti. The key elements include: ....