Total Sells S.African Coal Assets to Exxaro for $472mn

French oil giant Total on Monday said it had inked a deal to sell its South African coal assets to mining company Exxaro Resources for $472 million (350 million euros).

Exxaro is South Africa's second-largest coal producer, with seven coal mines that produce about 40 million tonnes annually.

Last year Total Coal South Africa (TCSA) sold some 4.5 million tonnes of thermal coal, mainly to Asian markets, making it the fifth-largest producer in the country.

"This sale is part of the group's 2012-14 asset sale program and is in line with Total's objectives to focus on its core activities," the president of Total's gas and power division, Philippe Sauquet, said in a statement.

Total aims to sell $15 to $20 billion worth of assets between 2012 and 2014 to focus on its core activities.

South African authorities must approve the deal.

Total's shares closed up 1.33 percent at 51.78 euros after the announcement of the sale.