UPDATE: Kumba: No Attempt To Influence Sishen Rights Application
13 Agosto 2010 - 6:09PM
Dow Jones News
Kumba Iron Ore Ltd. (KIO.JO) Friday said allegations made by the
former deputy director-general of South Africa's Department of
Mineral Resources regarding disputed mineral rights to the Sishen
iron ore mine are "incorrect and irrelevant."
Former deputy director general Jacinto Rocha in a dossier seen
by Dow Jones Newswires said Kumba was "manipulating the
administrative system to gain advantage and gratification" in
regards to gaining rights to the mine previously held by
ArcelorMittal South Africa Ltd. (ACL.JO).
Rocha's comments are the latest in a series of tense exchanges
following ArcelorMittal's loss in April 2009 of the 21.4% stake in
Sishen, majority owned by Kumba. The stake was then awarded to a
third party, Imperial Crown trading, although Kumba has initiated a
court review of that decision.
Rocha supports the DMR's decision to award the stake to Imperial
Crown Trading for a prospecting right over Kumba's mining right
application. In addition, he said Kumba acted wrongly in its
application process.
Kumba submitted its application April 30 2009, the last day of
ArcelorMittal's ownership, and asked officials at the DMR to time
stamp the papers for the following day, a public holiday.
"SIOC [Sishen Iron Ore Company] asked for and took advice from
officials in the DMR to ensure that its application could be lodged
at the earliest possible opportunity after May 1 [a public
holiday]--like giving a post-dated check," Kumba said in a
statement.
Rocha says he didn't give such advice and that it is wrong to
stamp the papers for a different day.
"These statements and revelations would validate our belief that
Kumba acted in bad faith," said Nonkululeko Nyembezi-Heita, chief
executive officer at ArcelorMittal South Africa. "As our mining
partner over the past decade we had expected them to behave
honorably in the spirit of that partnership."
Rocha left the DMR at the end of February this year and could be
pulled in to the court proceedings given his involvement in the
decision. He currently is a mining consultant and did work for
ArcelorMittal for a few months ending this June.
-By Devon Maylie; Dow Jones Newswires; (4420) 7842 9483;
devon.maylie@dowjones.com
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