Kumba Wants Court Review Of Government Decision At Sishen Mine
24 Maggio 2010 - 10:40AM
Dow Jones News
Kumba Iron Ore Ltd. (KIO.JO) said Monday it has initiated a
court review of a decision by the South African government to grant
a little-known company a prospecting right at its core Sishen
mine.
The company launched an appeal at the beginning of March against
a prospecting right granted to Imperial Crown Trading 289 on a
21.4% stake in the iron-ore mine that had previously been held by
ArcelorMittal South Africa Ltd. (ACL.JO).
It said it has now submitted a review application at the North
Gauteng High Court "to protect its interests and to avoid
prescription."
ArcelorMittal ceded its right to the stake in the Sishen mine
after failing to convert its mining right by a government deadline
last year, and Sishen Iron Ore Co., a unit of Kumba, then applied
for a mining right relating to the 21.4% stake itself. Kumba has
argued that, as a result, the terms of a 2001 deal that entitle
ArcelorMittal to receive 6.25 million metric tons of ore a year
from the Sishen mine at 3% above cost are no longer valid.
Kumba said the review application "does not detract from SIOC's
continued engagement with relevant stakeholders, with a view to
finding an amicable resolution of this matter as soon as
possible."
ArcelorMittal has repeatedly said it believes its 2001 contract
with Kumba, a unit of Anglo American PLC (AAL.LN), remains
valid.
-By Robb M. Stewart, Dow Jones Newswires; +27 11 783 7848;
robb.stewart@dowjones.com
Grafico Azioni Arcelor Mittal (NYSE:MT)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Arcelor Mittal (NYSE:MT)
Storico
Da Lug 2023 a Lug 2024