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Acquisition Of The Metropolitan Colliery Will Not Proceed
South32 Limited
(Incorporated in Australia under the Corporations Act 2001 (Cth)
(ACN 093 732 597)
ASX / LSE / JSE Share Code: S32
ISIN: AU000000S320
south32.net
ACQUISITION OF THE METROPOLITAN COLLIERY WILL NOT PROCEED
South32 Limited (ASX, LSE, JSE: S32; ADR: SOUHY) (South32) announces that the proposed
acquisition of the Metropolitan Colliery and associated 16.67% interest in the Port Kembla Coal
Terminal from an Australian subsidiary of Peabody Energy Corporation will not proceed.
On 23 February 2017, the ACCC issued a Statement of Issues, concerned that the proposed
acquisition may substantially lessen competition in the supply of metallurgical coal to Australian
steelmakers.
South32 has always maintained that metallurgical coal is a globally traded commodity. Given
this, South32 is not prepared to make significant concessions in favour of Australian steelmakers
that would likely be required to mitigate the competition concerns. To do so would be contrary to
the global market in which metallurgical coal producers compete and would adversely affect the
value proposition of the acquisition.
South32 Chief Executive Officer Graham Kerr said: “Our approach to acquisitions is always
opportunistic and seen through the lens of creating value for our shareholders.
“To proceed with the acquisition, in light of the anticipated concessions, would have
compromised the merits of the transaction and this is not something we are prepared to do.”
About South32
South32 is a globally diversified mining and metals company with high quality operations in
Australia, Southern Africa and South America. Our purpose is to make a difference by
developing natural resources, improving people’s lives now and for generations to come. We are
trusted by our owners and partners to realise the potential of their resources. We have a simple
strategy to maximise the potential of our assets and shareholder returns by optimising our
existing operations, unlocking their potential and identifying new opportunities to compete for
capital.
FURTHER INFORMATION
INVESTOR RELATIONS
Alex Volante Rob Ward
T +61 8 9324 9029 T +61 8 9324 9340
M +61 403 328 408 M +61 431 596 831
E Alex.Volante@south32.net E Robert.Ward@south32.net
Registered Office: Level 35, 108 St Georges Terrace, Perth Western Australia 6000, Australia
ABN 84 093 732 597 Registered in Australia
MEDIA RELATIONS
Diana Wearing Smith Hayley Cardy
T +61 8 9324 9198 T +61 8 9324 9008
M +61 436 482 290 M +61 409 448 288
E Diana.Smith@south32.net E Hayley.Cardy@south32.net
Further information on South32 can be found at www.south32.net.
JSE Sponsor: UBS South Africa (Pty) Ltd
18 April 2017
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