Total sells South African coal unit for $472M

|By:, SA News Editor

Total (TOT +0.9%) agrees to sell its South African coal unit to Exxaro Resources (OTC:EXXAF) in a $472M cash and stock deal.

The transaction includes TOT’s export rights at the Richards Bay coal terminal, the world’s biggest, and the Dorstfontein and Forzando mines east of Johannesburg, with annual sales of ~4.5M metric tons.

This is the latest in a series of disposals for TOT as it focuses on core activities; by the end of May, TOT had sold ~$16B of assets under a program that started in 2012.