South32 to establish SA Energy Coal as a stand-alone business
Australian miner outh32 announced on Monday that it will operate SA Energy Coal (SAEC) as a stand-alone business. The company will spend R4.3 billion from April 2018 in SAEC’s Klipspruit Life Extension project.
Graham Kerr, CEO of South32, said, "Establishing SA Energy Coal as a stand-alone business will enable us to improve the operation’s competitiveness and ensure its sustainability. This process will also allow us to further simplify our organisation and unlock additional value for shareholders."
“We will also seek to increase the local ownership of South Africa Energy Coal, consistent with our commitment to South Africa’s economic transformation, and may ultimately list the business on the Johannesburg Stock Exchange.”
South32 is a mining and metals company headquartered in Perth, Western Australia. The company produces aluminium in two smelters -Hillside in South Africa and Mozal in Mozambique.
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