South32 Ltd - Perth-based diversified mining group - Expects the sale of Illawarra Metallurgical Coal in New South Wales to be concluded earlier than thought on August 29. It had said late last month it expected the deal to be wrapped up on or around September 2. In February, South32 agreed to sell this coal asset to an entity owned by Golden Energy & Resources Pte Ltd and M Resources Pty Ltd. On completion, South32 will receive the upfront cash payment of $1.05 billion, less the already paid deposit of $40 million. The deferred cash consideration of $250 million, payable in 2030, and the contingent price-linked cash consideration of up to $350 million, will be recognised in its financial statements as a non-current other receivable and a non-current other financial asset.
Current stock price in London: 155.95 pence, up 0.1% on Thursday morning
12-month change: down 16%
Current stock price in Johannesburg: R 36.70, up 0.9%
12-month change: down 19%
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