Thungela Resources agrees to sell Goedehoop mine for R 700 million
Thungela Resources Ltd said on Monday it has reached an agreement to sell its South African mine Goedehoop North Mining for R 700 million.
The Rosebank-based coal miner is selling this Mpumalanga-based underground thermal coal mine to GHN Resources Pty Ltd, a private company, and Bisichi PLC, which holds a controlling shareholding in GHN.
The agreement covers rapid load-out coal terminal, coal beneficiation plant, surface rights, mine residue dump, mining rights and rehabilitation liabilities.
Thungela said its South African coal portfolio is in a ‘period of transition’, with the closure of select operations as economical reserves are mined out.
‘This transaction provides an opportunity for the group to optimise the South African portfolio and continue to strengthen the balance sheet, as the sale will also include the transfer of the rehabilitation liability associated with the Goedehoop North Mining Area,’ the mining group said.
As part of the acquisition of the mining rights, GHN and Bisichi will assume all rehabilitation liabilities of the mining area, including the replacement of rehabilitation financial guarantees to South Africa’s Department of Mineral & Petroleum Resources for about R 41 million plus any shortfall.
Shares in Thungela rose 2.1% to 364.00 pence on Monday afternoon in London, and they ended up 3.1% at R 83.63 in Johannesburg.
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