Kumba Iron Ore Secures Residual 21.4% Mining Rights Over Sishen Mine
October 13 2016 - 4:48AM
Dow Jones News
By Alex MacDonald
LONDON--South Africa's largest iron ore miner, Kumba Iron Ore
Ltd (KIO.JO), said Thursday it has secured the residual 21.4%
mining right it didn't already own in South Africa's largest iron
ore mine, Sishen, following the conclusion of an appeal
process.
The Johannesburg-listed firm that is majority-owned by
U.K.-listed Anglo American PLC (AAL.LN), said the residual mining
right has now been transferred to Kumba's subsidiary, Sishen Iron
Ore Company (Pty) Ltd.
ArcelorMittal (MT), the world's largest steelmaker previously
owned the residual mining rights but lost them when it failed to
convert them to the new mining code on time in 2009.
The transfer of the residual right is conditional upon the
continuation of an existing agreement between Kumba and
ArcelorMittal that was most recently amended in November to supply
the steel making raw ingredient to the South African steelmaker on
a long-term basis.
Kumba Iron Ore's shares were up 2.6% at 129.37 rand, or $9.06
each, while Anglo American's shares were down 3.8% at 10 pounds a
share or $12.18.
-Write to Alex MacDonald at alex.macdonald@wsj.com
(END) Dow Jones Newswires
October 13, 2016 04:33 ET (08:33 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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