Exxaro buys Total's coal assets for R5bn

Comment on this story
Coal INDEPENDENT MEDIA Coal is seen being transported in this file picture by Simphiwe Mbokazi.

Johannesburg - Mining group Exxaro said on Monday it had acquired South African coal assets of French oil company Total for $472 million (R5 billion).

Exxaro, South Africa's second-largest coal producer which also has interests in iron ore and base metals, signalled earlier this year that it was looking at buying Total Coal South Africa (TCSA) to grow its business.

TCSA is the fifth-largest coal producer in South Africa and the majority of its output is exported to Asian markets such as India and China.

Total said in a statement that the sale was part of the group's 2012-14 asset sale programme as it focuses on its core activities.

Exxaro shares were up 1.37 percent at 143.19 rand as of 14:00 SA time. - Reuters

sign up

Comment Guidelines

  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

  5. Verified email addresses: All users on Independent Media news sites are now required to have a verified email address before being allowed to comment on articles. You are only required to verify your email address once to have full access to commenting on articles. For more information please read our comment guidelines