Coal mining company Seriti Resources has concluded agreements to acquire South32’s majority shareholding in South Africa Energy Coal (SAEC) for R100-million in cash and further deferred payments of up to R1.5-billion a year to 2024. Seriti will buy South32’s 91.8% shareholding, while the remaining 8.1% interest will continue to be held by black-owned consortium, Phembani Group.
