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South32 CEO “optimistic” about finalising South African thermal coal exit this year

South Africa’s Competition Commission last month recommended the Competition Tribunal approve the deal.
Image: Supplied

South32 CEO Mike Fraser on Wednesday said he is still “positively optimistic” that the company will close the sale of its South Africa Energy Coal (SAEC) assets to unlisted Seriti Resources this year, though the deal has taken longer than he anticipated.

The deal, which will increase Seriti’s share of the thermal coal market supplying state power firm Eskom, had to secure approval from South Africa’s mines ministry and competition authorities.

South Africa’s Competition Commission last month recommended the Competition Tribunal approve the deal.

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