Sishen Iron Ore to be Continental Coal's BEE partner :
03 Aug 2011 08:54:00
Sydney - Wednesday - August 3: (RWE Australian Business News) - Continental Coal Ltd (CCC) today confirmed the Sishen Iron Ore Company Community Development Trust (SIOC-cdt) was set to become its new Broad Based Black Economic Empowerment partner in South Africa.
Directors say SIOC-cdt is a highly respected and well-established Broad Based Black Economic Empowerment Company whose principal investment is a shareholding in the Sishen Iron Ore Company (Pty) Ltd (SIOC), which is one of the largest iron ore operations in the world, owned 74pc by Kumba Iron Ore Ltd.
SIOC-cdt is to acquire the 26pc interest in Continental's South African subsidiary held by the company's current BEE partner, Masawu Investments (Pty) Ltd.
SIOC-cdt's initial investment of 140m rand (about $US20m) upon completion of the transaction is to be invested by Continental into its South African coal business.
daytrades august 3 pre-market, page-29
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