Friday, Dec 09 2011
Johannesburg - Commodities giant Glencore said on Wednesday it has completed the acquisition of a 43.66% stake in an unlisted South African coal mining business for R900m.
Glencore said in a statement that the stake in Umcebo Mining gives it access to South Africa’s principal coal field in the northeastern Mpumalanga province.
“In addition the transaction also secures access to an eventual 1.5 million metric tonnes of export allocation in Phase V of the Richards Bay Coal Terminal,” it said.
Umcebo has three thermal coal mines in operation and a stand-alone wash plant, with a total annual production capacity of 7.2 million run of mine metric tonnes.
Glencore has also been trying to gain control of South African coal miner Optimum as part of its strategy to become a major force in all top coal exporting regions.
Sourced: Reuters
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment