Australian miner South32 Ltd S32.AX on Wednesday said it entered an agreement with Johannesburg-based Seriti Resources for the sale of its South African thermal coal business.
Seriti will make an up-front cash payment of about 100 million rand ($6.8 million), based on an enterprise value of 1.25 billion rand, to acquire South32 SA Coal Holdings Proprietary Ltd, South32 said in a statement.
South32 is the latest company to get out of energy coal at a time when investor pressure and climate change concerns are prompting businesses to limit their exposure to fossil fuels.
Source: Reuters
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