Kumba To Continue Defending South Africa Sishen Iron Ore Right
17 Febbraio 2012 - 12:29PM
Dow Jones News
Kumba Iron Ore Ltd. (KIO.JO), South Africa's largest iron ore
producer, said Friday it will continue to defend its ownership
rights to the Sishen mine as the country's mineral department
appeals a high court decision from last year.
Kumba, a subsidiary of Anglo American PLC (AAL.LN), launched
legal action in August, accusing the government of wrongly awarding
a lucrative stake in Sishen to politically connected Imperial Crown
Trading, or ICT.
The 21.4% stake was previously owned by ArcelorMittal South
Africa (ACL.JO), which had lost the right after it failed to
convert it under the new mineral laws. Kumba already owned the
remaining stake.
In December 2011, a Pretoria high court ruled that Kumba was the
owner of 100% of Sishen and therefore the Department of Mineral
Resources, or DMR, was wrong in awarding the stake to ICT and
therefore that deal was void.
Early this month, both the DMR and ICT submitted applications to
appeal against the High Court judgment, Kumba said.
"[Sishen Iron Ore company] will continue to take the necessary
steps to protect its shareholders' interests in this regard," Anglo
American said in its results Friday.
In the meantime, an interim pricing agreement that Kumba said
was invalid after ArcelorMittal lost its Sishen stake has been
extended to July 31, 2012, Kumba said. Arbitration between the two
over the pricing agreement has also been postponed until the stake
legal proceedings are concluded.
-By Devon Maylie, Dow Jones Newswires; +27117837848;
devon.maylie@dowjones.com
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