South32 has sealed a deal to sell off its problematic South African coal business for a bargain basement price as it sheds unwanted assets as part of an increased focus on base metals.
The sale to Seriti Resources will stop the bleeding from South African Energy Coal (SAEC) after South32 booked a $US504 million impairment on the asset in 2018-19.
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Brad Thompson writes across business and politics from Western Australia for The Australian Financial Review. Brad is based in our Perth bureau. Connect with Brad on Twitter. Email Brad at brad.thompson@afr.com
