SOUTH32 LIMITED - South Africa energy coal divestment update

South Africa energy coal divestment update

29 March 2021                                                                                                           South32 Limited
                                                                                      (Incorporated in Australia under the Corporations
                                                                                                                         Act 2001 (Cth))
                                                                                                                     (ACN 093 732 597)
                                                                                      ASX / LSE / JSE Share Code: S32 ADR: SOUHY
                                                                                                                  ISIN: AU000000S320
                                                                                                                            south32.net



                                          SOUTH AFRICA ENERGY COAL DIVESTMENT UPDATE

South32 Limited (ASX, LSE, JSE: S32; ADR: SOUHY) (South32) advises that the transfer of our shareholding in
South32 SA Coal Holdings Proprietary Limited (South Africa Energy Coal) to Seriti Resources Holdings Proprietary
Limited (Seriti) (the Transaction) 1 is now expected to complete following the end of the March 2021 quarter. Work is
progressing between South32, Seriti and Eskom Holdings SOC Limited to finalise arrangements that will underpin the
sustainability of the South Africa Energy Coal business under the ownership of Seriti and allow for the satisfaction of
the final material conditions to the Transaction1. A further update will be provided to the market at the conclusion of this
work.


About South32

South32 is a globally diversified mining and metals company. 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 produce bauxite, alumina, aluminium, energy and metallurgical coal,
manganese, nickel, silver, lead and zinc at our operations in Australia, Southern Africa and South America. With a focus
on growing our base metals exposure, we also have two development options in North America and several partnerships
with junior explorers around the world.

    Further Information

    Investor Relations
    Alex Volante                                              Tom Gallop
    T +61 8 9324 9029                                         T +61 8 9324 9030
    M +61 403 328 408                                         M +61 439 353 948
    E Alex.Volante@south32.net                                E Tom.Gallop@south32.net

    Media Relations
    Rebecca Keenan                                            Jenny White
    T +61 8 9324 9364                                         T +44 20 7798 1773
    M +61 402 087 055                                         M +44 7900 046 758
    E Rebecca.Keenan@south32.net                              E Jenny.White@south32.net

Further information on South32 can be found at www.south32.net.

                                                                            Approved for release by Nicole Duncan, Company Secretary
                                                                                              JSE Sponsor: UBS South Africa (Pty) Ltd
                                                                                                                      29 March 2021

1
 Refer to the market announcement “Agreement to divest South Africa Energy Coal” dated 6 November 2019. Final material conditions include
approval from Eskom Holdings SOC Limited for the transfer of our shareholding and amendments to the terms of the Duvha Coal Supply Agreement,
with the latter also subject to National Treasury consent. Purchaser includes Thabong Coal Proprietary Limited, a wholly-owned subsidiary of Seriti
and two trusts for the benefit of employees and communities.

Registered Office Level 35 108 St Georges Terrace Perth WA 6000 Australia
                                                                                                                                                1
ABN 84 093 732 597 Registered in Australia

Date: 29-03-2021 07:05:00
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