South32 Limited (ASX / LSE / JSE: S32; ADR: SOUHY) has received Australian Foreign Investment Review Board approval for the sale of Illawarra Metallurgical Coal. The sale is to an entity owned by Golden Energy and Resources Pte Ltd and M Resources Pty Ltd. The transaction is expected to be completed in the first quarter of the fiscal year 2025. Completion is pending the receipt of the remaining foreign merger clearances.
Transaction Details
South32 Limited announced the sale of Illawarra Metallurgical Coal on 29 February 2024. The deal involves significant entities in the mining sector. The approval from the Australian Foreign Investment Review Board is a crucial step. It ensures compliance with Australia’s foreign investment policies.
Conclusion
South32’s sale of Illawarra Metallurgical Coal marks a significant milestone. The company’s strategic shift towards a sustainable portfolio is clear. Investors and stakeholders can look forward to further developments. South32 continues to align its operations with global sustainability goals. The transaction, pending final clearances, is a step towards achieving these objectives.