Empowered mining company Seriti Resources has concluded an agreement to acquire a majority interest in diversified miner South32’s South African Energy Coal (SAEC) business. In exchange for its 91.835% interest in SAEC, South32 will receive a R100-million cash payment upfront, as well as 49% of the free cash flow generated by SAEC until March 2024. The latter component will be limited to a maximum of R1.5-billion a year.