Australia's South32 in talks to sell South Africa coal business [Reuters]
SOUTH32 LTD SPNS/ADR (SOUHY)
NASDAQ:AMEX Investor Relations:
south32.net/docs/default-source/exchange-releases/notice-of-annual-general-meeting-2017-and-director-election.pdf?sfvrsn=b80badf_6
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Source: Reuters
Australia's South32 in talks to sell South Africa coal business - Reuters 2 Min Read (Reuters) - Australia’s South32 Ltd said on Thursday it was in talks to sell its South Africa energy-coal business to Seriti Resources and reported a bigger-than-expected drop in annual underlying profit on lower aluminum prices. The sale represents a shift from coal for the company at a time when investor pressure and climate change concerns are prompting companies to limit their exposure to fossil fuels. In June, Reuters reported that Norway’s $1 trillion sovereign wealth fund may have to sell its stake in South32, worth about $266 million, to meet tighter ethical investing rules adopted by the country’s parliament. The miner said it booked a charge of $504 million related to the South African energy-coal business, which it has been running as a separate unit since April 2018 in preparation for a sale. The miner’s underlying net profit, which excludes the impact of one-off items, came in at $992 mil
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