South32 exits coal with the sale of Illawarra Met Coal to GEAR and M Resources Report

Insight 04 March 2024

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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.

Executive summary
- Deal summary and funding
- Implications

Tables and charts

This report includes the following images and tables:

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:

South32_exits_coal_with_the_sale_of_Illawarra_Met_Coal.xlsx

XLSX 134.62 KB
South32 exits coal with the sale of Illawarra Met Coal to GEAR and M Resources

PDF 1.29 MB