Graeme Kerr says South32 was not prepared to compromise the merits of the transaction. Photo: Attila Csaszar

South32 scraps $US200m coal mine buy

South32 has scrapped its $US200 million purchase of a NSW coking coal mine after deciding against making what it called significant concessions to gain approval from the competition watchdog.

The diversified miner agreed in November to buy the Metropolitan Colliery in NSW from US coal giant Peabody, along with a 16.67 per cent stake in the Port Kembla coal terminal in Wollongong.

But the Australian Competition and Consumer Commission said in February that the proposed acquisition could substantially lessen competition in the Illawarra region, and South32 this morning called off the deal.


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South32 (S32)

Share Price

Closing price for the last 90 trading days
Source: Morningstar

Total Shareholder Return as at 28/02/18

1 year TSR5 year TSR
154thMineral Resources76%16%
205thNorthern Star Resources53%50%
539thFortescue Metals Group-18%6%
661stAtlas Iron-38%-56%
711 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Share Transactions

$0 Issued
$0 Other
$0 Other
Total value as at the date of the transaction
Source: Morningstar


1st-Fortescue Metals Group$10,999.7m
4th-Mineral Resources$1,470.4m
5th↓Atlas Iron$896.6m
6th↓Northern Star Resources$850.6m
501 listed resources companies ranked by revenue.
Source: Morningstar

Remuneration from South32

2ndGraham Kerr$7.368m
8thRicus Grimbeek$2.950m
11thBrendan Harris$2.662m
Ranked by total remuneration from all listed WA companies

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