* Exxaro says deal to raise its coal portfolio by 12 pct
* Says deal gives it extra RBCT capacity allocation
(Adds more details, Exxaro CEO comments)
JOHANNESBURG, July 28 Mining group Exxaro
Resources said on Monday it had acquired the South
African coal assets of France's Total for $472
million, bolstering its output and giving it extra capacity at
the world's largest export terminal.
Exxaro, South Africa's second-largest coal producer which
also has interests in iron ore and base metals, signalled
earlier this year that it was looking at buying Total Coal South
"The acquisition increases the scale of Exxaro's coal
portfolio by about 12 percent," Exxaro Chief Executive Sipho
Nkosi said on a conference call.
Exxaro currently has seven coal mines that produce about 40
million tonnes annually. The company's biggest domestic customer
is South African power utility Eskom and it also produces coal
Exxaro said the deal will give it extra capacity allocation
at South Africa's Richards Bay Coal Terminal, the world's
largest export coal terminal, allowing it to export more.
Nkosi said the company's allocation at the terminal will
double to 8 million tonnes as soon as the acquisition is
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.
The deal will be financed with Exxaro's existing corporate
debt facilities, the company said.
Total said in a statement the sale was part of the group's
asset sale programme for 2012 through 2014 as it focuses on its
Exxaro shares were up 2 percent at 144.17 rand as of 1450
(Reporting by Olivia Kumwenda-Mtambo; Editing by Ed Stoddard
and David Holmes)