Seriti May Turn to Equipment Makers as Coal IPOs Shunned
- Company provides coal to South Africa’s Eskom power utility
- South African coal miner to evaluate possible listing in 2020
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Seriti Resources Holdings Ltd., which is poised to become South Africa’s second-biggest coal producer, may take funding from equipment suppliers and hold off on a listing as the fuel is being shunned by financiers because of its environmental impact.
Closely held Seriti has entered into exclusive negotiations to buy South32 Ltd.’s thermal coal assets after starting production in 2017 with mines it bought from Anglo American Plc. It plans to develop the New Largo operation next to Eskom Holdings SOC Ltd.’s 4,800-megawatt Kusile power plant.