Company Data
| Last traded |
R562.15 |
| Change |
R0.38 |
| % Change |
0.07% |
| Cumulative volume |
464,064 |
| Market cap |
R181.05bn |
| Last traded |
R65.05 |
| Change |
R0.80 |
| % Change |
1.25% |
| Cumulative volume |
186,264 |
| Market cap |
R28.00bn |
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Johannesburg - Kumba Iron Ore [JSE:KIO] is "disappointed" at the department of mineral resources' (DMR's) decision to uphold the award of prospecting rights to Imperial Crown Trading (ICT), it said on Tuesday.
"The Minister (of Mineral Resources Susan Shabangu) has stated that she will uphold the decision of the deputy director general of the DMR to grant a prospecting right to ICT," Kumba said in a statement.
Shabangu was responding to an appeal lodged by Kumba on March 1 against the granting of the prospecting right to ICT.
This followed applications by both Kumba and ICT to the DMR for the right after it was ceded by ArcelorMittal SA [JSE:ACL], when it missed the renewal deadline.
This was used by Kumba to justify the cancellation of a contract to supply ArcelorMittal SA with ore at cost plus 3%.
ArcelorMittal SA has now agreed to buy ICT for R800m.
However, Kumba believed there were irregularities in ICT's prospecting rights application and the award of those prospecting rights to ICT.
"The minister noted that only a competent court is able to review the decision regarding the award of the rights to ICT."
In May, Kumba initiated a High Court Review against the grant of the right to ICT.
It said it would file its supplementary affidavit shortly and the respondents were expected to file their answering papers during September.
Kumba said it remained of the view that its challenge against the rights granted to ICT was justified, and it would "continue to pursue the court process".