and...

and this....
http://www.miningweekly.com/article/shanduka-ups-stake-in-coal-venture-2011-12-14

By: Brindaveni Naidoo
14th December 2011

Updated 7 hours agoTEXT SIZE JOHANNESBURG (miningweekly.com) - Cyril Ramaphosa’s Shanduka Group and Glencore International will share control of their coal joint venture in South Africa, after the black-owned group increased its stake.

CEO Phuti Malabie said that the decision to increase its shareholding in Shanduka Coal from 30% to 50.1% was in line with the group’s strategy of expanding investment in the coal sector and becoming more operationally involved.

“Despite current global uncertainties, the outlook for coal remains robust. Our continued investment in the South African mining industry is indicative of the value we see in its prospects,” she asserted.

Shanduka would use R370-million and inject some of its other coal assets, specifically its 30% shareholding in Kangra Coal, to fund the deal.

The group also committed R200-million for the development of future coal projects over the next five years.

Shanduka Coal’s operating mines comprise Graspan colliery, Middelburg Townlands colliery and Springlake colliery. In addition, the company has access to substantial coal resources, which are in different stages of evaluation and development.

Shanduka Coal currently produces about seven-million tons of saleable coal a year, which is sold to power utility Eskom and the domestic and international markets.

The transaction remains subject to a number of conditions.

Malabie added that the transaction was a win-win for both parties and its partnership with Glencore remained strong.

Shanduka and Glencore through their subsidiaries Lexshell 849 and Piruto respectively, is also pursuing a mandatory offer for South African coal miner Optimum Coal, which they plan to make next year.


Edited by: Mariaan Webb