South32 Gets FIRB Approval for Illawarra Coal Asset Sale

South32 Limited (South32) announces that the sale of Illawarra Metallurgical Coal to an entity jointly owned by Golden Energy and Resources Pte Ltd and M Resources Pty Ltd has secured approval from the Australian Foreign Investment Review Board. This approval marks a significant milestone in the transaction process, ensuring compliance with Australia’s foreign investment regulations. The successful completion of this sale aligns with South32’s strategic focus on optimizing its portfolio and enhancing value for shareholders. The approval paves the way for the finalization of the transaction, subject to remaining customary conditions.

The Transaction is now anticipated to be completed in Q1 FY25, pending the receipt of the remaining foreign merger clearances. This timeline aligns with South32’s strategic objectives and ensures a smooth transition of ownership. The necessary regulatory approvals are in progress, and upon completion, this sale will mark a significant step in South32's efforts to optimize its asset portfolio. This transaction not only underscores South32's commitment to enhancing shareholder value but also reflects the company's proactive approach in managing its business operations in alignment with its long-term strategic goals.

South32 is a globally diversified mining and metals company dedicated to making a positive impact by developing natural resources and enhancing lives both now and for future generations. The company is trusted by its stakeholders to maximize the potential of their resources. South32 produces a range of commodities including bauxite, alumina, aluminium, copper, silver, lead, zinc, nickel, metallurgical coal, and manganese, with operations spread across Australia, Southern Africa, and South America.

In addition to its extensive production portfolio, South32 holds a range of high-quality development projects, options, and exploration prospects. This aligns with the company's strategic focus on reshaping its portfolio towards commodities that are critical for a low-carbon future. By investing in these projects, South32 aims to support global sustainability efforts while continuing to deliver value to its shareholders and partners. The company's commitment to responsible resource development underscores its role as a trusted and forward-thinking leader in the mining industry.

The sale of Illawarra Metallurgical Coal by South32 to an entity jointly owned by Golden Energy and Resources Pte Ltd and M Resources Pty Ltd, approved by the Australian Foreign Investment Review Board, is a strategic move for South32. This transaction, expected to complete in Q1 FY25 pending further regulatory approvals, aligns with South32’s objective to optimize its asset portfolio and enhance shareholder value. It allows South32 to streamline operations and focus on core assets and development projects that support a low-carbon future. This sale also underscores South32’s commitment to strategic divestment and effective resource management.