Insight
South32 exits coal with the sale of Illawarra Met Coal to GEAR and M Resources
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
South32 agreed to sell Illawarra Metallurgical Coal to Golden Energy and Resources (GEAR) and M Resources for up to US$1.65 billion. This transaction ends South32’s participation in the coal sector and allows the company to focus on copper and zinc assets. For GEAR and M Resources it entrenches its position in the metallurgical coal sector. With close ties to Stanmore, it elevates their combined position to the six-largest metallurgical coal seaborne exporter.
Table of contents
-
Executive summary
- Deal summary and funding
- Implications
Tables and charts
This report includes the following images and tables:
-
Key factsSensitivity analysisEconomic assumptions
-
Deal-implied long-term (adjusted) coal prices versus HCC monthly averagePro-forma for GEAR, M Resources and Stanmore, (attributable basis by mine)Pro-forma, attributable basis (by coal type)Top 15 seaborne metallurgical coal exporters for 2025Asset map
What's included
This report contains:
