We are pleased to note that the transaction which involves South32’s sale of Illawarra Metallurgical Coal has received approval by the Australian Foreign Investment Review Board (FIRB). This is a significant milestone for the transaction, announced in late February, and we look forward to finalising outstanding conditions and progressing to transaction conclusion.
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BlueScope has waived its pre-emption acquisition rights under the long-term coal supply agreement (CSA) with South32’s Illawarra Metallurgical Coal division (IMC). This move supports the sale of IMC to an entity owned by Golden Energy and Resources Pte Ltd (GEAR) and M Resources Pty Ltd (M Resources). Under the CSA, IMC supplies BlueScope’s Port Kembla…
South32 has today announced that we have entered into a binding agreement to sell Illawarra Metallurgical Coal to an entity owned by Golden Energy and Resources Pte Ltd (GEAR) and M Resources Pty Ltd for upfront and deferred cash consideration of US$1.3 billion plus contingent price-linked consideration of up to US$350 million. The sale is…