Johannesburg, South Africa — 29 June 2012 – The Shanduka Group has finalised the increase of its shareholding in Shanduka Coal to 50.01%, from the previous 30%, the company has revealed.
Miningmx reports that this development followed a transaction, announced in December, whereby Glencore International had agreed to lower its stake in Shanduka Coal to 49.99%.
The transaction involved the acquisition of shares in exchange for a cash payment by Shanduka Group and the transfer of its 30% shareholding in Kangra Coal to Shanduka Coal.
Shanduka Coal owns 100% of the Graspan colliery and the Middelburg Townlands colliery and extension, located near Middelburg, as well as the Springlake colliery located near Newcastle.
These operating mines have an annual production capacity of 6Mt of saleable coal, and supply the export and domestic markets, including Eskom.
“We are very pleased that this transaction has been finalised,” said Shanduka Group CEO Phuti Mahanyele. “It goes some way in delivering on our strategy of increasing our shareholding in specific businesses and increasing our operational involvement.”
Source: Miningmx. For more information, click here.