Baar, Switzerland — 28 March 2012 – The world’s largest diversified commodities trader, Glencore International, has announced that the company, together with South African businessman Cyril Ramaphosa, has gained a majority holding of Optimum Coal.
In a statement issued from its headquarters here the company said that the consortium of partners had increased its stake by a further 36.56%, and now held 67.77% of Optimum’s issued share capital. It would now offer the remaining shareholders R38/share.
“Optimum will add to our coal presence in South Africa and will be highly complementary to joint venture Shanduka Coal and our investment in Umcebo,” said Glencore’s coal and coke commodity department director Tor Peterson.
“South Africa is an important producer to supply the growing Chinese and Indian markets, and we are therefore delighted to add to our business in the country with our partner Cyril Ramaphosa,” he added.
Meanwhile Optimum Coal has appointed Ramaphosa as chairperson and non-executive director of the company. He will take up the roles with immediate effect, following the resignation from the position by outgoing chairperson Bobby Godsell.
Source: Glencore International. For further details click here.