Insight
South32 exits coal with the sale of Illawarra Met Coal to GEAR and M Resources
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
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Executive summary
- Deal summary and funding
- Implications
Tables and charts
This report includes 8 images and tables including:
- Key facts
- Sensitivity analysis
- Economic assumptions
- Deal-implied long-term (adjusted) coal prices versus HCC monthly average
- Pro-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 2025
- Asset map
What's included
This report contains:
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