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Exxaro Resources buys Total Coal South Africa

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05 August 2014

Exxaro Resources buys Total Coal South Africa

Report summary

Exxaro Resources has bought Total Coal South Africa (TCSA) for US$457 million. This deal is a game changer for Exxaro as it increases its export potential at the RBCT to over 8 Mtpa and the flexibility to export higher-value products ahead of TCSA's coal to increase it's overall value.The purchase price is a 234% premium above our base case value of US$136 million, based on a conservative long-term thermal coal export price assumption of US$90/tonne but considerable upside potential exists.

Table of contents

Tables and charts

This report includes 8 images and tables including:

  • Exxaro Resources buys Total Coal South Africa: Table 1
  • Total Coal South Africa operating mines
  • Exxaro Resources buys Total Coal South Africa: Table 2
  • Exxaro Resources buys Total Coal South Africa: Table 3
  • Exxaro Resources buys Total Coal South Africa: Image 2
  • South African total cash cost curve (2014)
  • Summary valuation
  • Exxaro Resources buys Total Coal South Africa: Table 5