Thungela Resources to acquire remaining Ensham business interests

Thungela Resources announced it will acquire the remaining shareholding interests in the Ensham Business through its subsidiary, Thungela Australia, which currently holds an 85% stake. The deal involves purchasing the interests of co-investors Audley Energy Limited and Mayfair Corporations Group Pty Ltd in Sungela Holdings, the investment holding company for Ensham. The consideration includes settling the balance of Mezzanine Loans, a cash amount, and an additional conditional consideration tied to the Zone 1 project. This transaction, coupled with the recent acquisition of Bowen Investment's 15% interest, will give Thungela 100% ownership of the Ensham Business. The Ensham Business had a NAV of AUD395 million as at 30 June 2024, and attributed NPAT was AUD27 million for the same period. The transaction is subject to Foreign Investment Review Board and South African Reserve Bank approval. Thungela intends to fund the acquisition using existing cash resources.