Oil

Australia's South32 sells flagship Illawarra project for $1.65 bln

Credit: REUTERS/David Gray

Adds details in paragraphs 2 and 3

Feb 29 (Reuters) - Australia's South32 Ltd S32.AX said on Thursday it is selling its flagship Illawarra Metallurgical Coal project to an entity owned by Golden Energy and Resources and M Resources for up to $1.65 billion.

The deal comprises an upfront payment of $1.05 billion at completion, and a deferred cash consideration of $250 million which would be payable in 2030, among others.

The buying entity will assume economic and operating control of Illawarra on completion of the transaction, including all current and future liabilities.

The deal is expected to complete in the first half of fiscal 2025.

(Reporting by Echha Jain in Bengaluru; Editing by Maju Samuel)

((Echha.Jain@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Tags

More Related Articles

Info icon

This data feed is not available at this time.

Sign up for the TradeTalks newsletter to receive your weekly dose of trading news, trends and education. Delivered Wednesdays.