CANBERA (dpa-AFX) - South32 Ltd. (SOUHY.PK, SHTLF.PK), an Australian miner,
said on Thursday that it signed a deal to sell Illawarra Metallurgical Coal, an
underground mine in New South Wales, to an entity owned by Golden Energy and
Resources Pte Ltd or GEAR, and M Resources Pty Ltd or M Resources, for up to
$1.650 billion.

Out of which, an upfront cash consideration of $1.050 billion is payable at
completion of the deal as well as a deferred cash consideration of $250 million
in 2030.

In addition, the buyer will pay contingent price-linked cash consideration of up
to $350 million, which is applicable for five years from the date of completion
without an annual cap.

The completion of the transaction, expected in the first half of 2025, will
allow the buyer to assume economic and operating control of Illawarra
Metallurgical Coal, including all current and future liabilities.

Graham Kerr, CEO of South32, said: 'This Transaction will realize significant
value for our shareholders and is consistent with our strategy to reshape our
portfolio toward commodities critical in the transition to a low-carbon future.
It will streamline our portfolio, strengthen our balance sheet, and unlock
capital to invest in our high-quality development projects in copper and zinc.'



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