Total sells South African coal producing affiliate $472 million
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Total sells South African coal producing affiliate to Exxaro Resources

6:30 AM, 29th July 2014
Total sells South African coal producing affiliate for $472 million

PARIS, FRANCE: Total has signed an agreement with Exxaro Resources Ltd for the sale of its 100 per cent stake in Total Coal South Africa (TCSA), its coal-producing affiliate in South Africa. The consideration for the transaction is $472 million, with completion of the sale subject to approval by the relevant South African authorities.

“This sale is part of the Group’s 2012-14 asset sale programme and is in line with Total’s objectives to focus on its core activities and to actively manage its portfolio. While Total has made the necessary investments to position TCSA for growth in the medium term, Total believes TCSA will have the opportunity to maximize its long term potential with a new strategic coal investor. Total remains committed to South Africa, through its activities in marketing and refining, solar and deep offshore exploration,” said Philippe Sauquet, President Gas and Power, Total.

 

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