Johannesburg - Mining group Exxaro said on Monday it had acquired South African coal assets of French oil company Total for $472m.
Exxaro, the country's second-largest coal producer, which also has interests in iron ore and base metals, signalled earlier this year that it was considering buying Total Coal South Africa (TCSA) to grow its business.
TCSA is the fifth-largest coal producer in South Africa and the majority of its output is exported to Asian markets such as India and China.
Total said in a statement that the sale was part of the group's 2012-14 asset sale programme as it focuses on its core activities.
Exxaro [JSE:EXX] shares were up 1.37% at R143.19 at lunch on Monday.
Exxaro, the country's second-largest coal producer, which also has interests in iron ore and base metals, signalled earlier this year that it was considering buying Total Coal South Africa (TCSA) to grow its business.
TCSA is the fifth-largest coal producer in South Africa and the majority of its output is exported to Asian markets such as India and China.
Total said in a statement that the sale was part of the group's 2012-14 asset sale programme as it focuses on its core activities.
Exxaro [JSE:EXX] shares were up 1.37% at R143.19 at lunch on Monday.