Seriti welcomes competition commission’s recommendation to approve transaction to acquire SAEC from SOUTH32
Johannesburg, 7 September 2020: Seriti Resources welcomes the recommendation by the Competition Commission to the Competition Tribunal of the conditional approval of the transaction in terms of which a wholly-owned subsidiary of Seriti and two trusts representing employees and communities will acquire South Africa Energy Coal (SAEC) from South32. The Tribunal’s consideration of the recommendation is now awaited.
Seriti remains committed to sustaining and supporting Eskom’s ongoing coal supply needs.
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NOTES TO EDITORS:
Seriti is a broad-based, 91% black-owned and controlled coal mining company. Seriti, through its operating subsidiary, Seriti Coal Pty Ltd, currently operates three large-scale, opencast and underground thermal coal mines, the New Vaal, New Denmark and Kriel mines, which it acquired from Anglo American, as well as various life extension coal resources and closed collieries. Together with its partners, Seriti intends to develop its New Largo project into a large-scale, opencast coal mine capable of providing the base load fuel requirements for Kusile Power Station.
Seriti is co-owned by four anchor shareholders – Masimong Group Holdings (Masimong), Community Investment Holdings (CIH), Zungu Investments (Zico) and Thebe Investment Corporation (Thebe). It is Seriti’s philosophy that 10% of the equity in its mining operations be ring-fenced equally for the benefit of employees and communities through established unencumbered employee and community trusts.
As a responsible South African coal miner, Seriti has a proven track record in the acquisition, operation and development of large-scale opencast and underground coal mines. Guided by experienced board and management teams, Seriti maintains a principle focus on its long-term commitment to the domestic market and, in particular, the reliable and cost-effective provision of coal to Eskom.