Billionaire Widjaja Family, Partner To Buy Australian Coal Mine For $1.65 Billion [Forbes]
SINGAPORE EXCH UNSP/ADR (SPXCY)
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Source: Forbes
Golden Energy and Resources —controlled by Indonesian billionaire Widjaja family —and partner M Resources have agreed to acquire the coal business of Australia's South32 for as much as $1.65 billion, deepening the Singapore-based company's mining investments Down Under. Under the deal, the duo will pay $1.05 billion cash upon completion of the deal in the first half of 2025. An additional $250 million cash is payable by 2030, on top of a $350 million cash consideration depending on revenues of South32's Illawarra Metallurgical Coal (IMC) within five years of the deal closing, South32 said in a regulatory filing to the Australian Stock Exchange on Thursday. Golden Energy is doubling down on its investment in coking coal even as the world's biggest mining companies withdraw from fossil fuels. In 2022, the company completed the acquisition of BHP Mitsui Coal (which has been renamed Stanmore SMC) for over $1.7 billion, nearly quadrupling its revenue to $5.6 billion that year. The fol
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