Kumba Hopes To Resolve ArcelorMittal SA Arbitration By 2012
10 Febbraio 2011 - 8:11AM
Dow Jones News
Kumba Iron Ore Ltd. (KIO.JO), South Africa's largest producer of
the steelmaking ingredient, said Thursday that it hopes the
arbitration process with ArcelorMittal South Africa Ltd. (ACL.JO)
over iron ore pricing is resolved within a year.
"We hope for a speedy resolution, hopefully by the end of 2011
or early 2012," Kumba said.
Kumba, a unit of Anglo American PLC (AAL.LN), in March ended a
long-running deal to supply ore from Sishen to ArcelorMittal SA at
3% above the cost of production after the steel company failed to
renew mining rights on a stake in the mine by a government-imposed
deadline.
The companies in July agreed to an interim pricing arrangement
for ore from Sishen, although ArcelorMittal SA has continued to
argue that the status of the mining rights wasn't grounds to cancel
the supply deal.
-By Devon Maylie, Dow Jones Newswires; +44 (20) 7842 9483;
devon.maylie@dowjones.com
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