Xstrata sells two African coal assets
Xstrata, one of the world's largest thermal coal exporters, announced today that it has completed the sale of two Mpumalanga collieries to black economic-empowered (BEE) group Imbawula, for an unrevealed sum.
Through the deal, effective January 1, Imbawula acquired the Spitzkop and Tselentis opencast and underground mining operations, all supporting infrastructure, including land, movable assets, buildings and coal beneficiation plants. In addition, Imbawula Mining has acquired prospecting and mining rights in the area which support the long term operation of this business.
The company said there would be no job losses at the two operations as a result of the transaction and that all affected employees would be transferred to Imbawula’s operations.
Yesterday, Xstrata said that was considering bringing an additional partner into its giant Wandoan coal project in Queensland, Australia, already part-owned by Japan's Itochu and Sumitomo.