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 |
| Last traded |
R342.29 |
| Change |
R9.69 |
| % Change |
2.91% |
| Cumulative volume |
2.26m |
| Market cap |
R459.67bn |
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Cape Town - Kumba Iron Ore [JSE:KIO] said on Friday it expects to solve the dispute over
mineral rights in its Sishen mine before an interim price deal with
ArcelorMittal South Africa [JSE:ACL] expires in July next year.
Kumba, the world's
10th-largest iron ore producer and a unit of Anglo American [JSE:AGL], is
contesting the government's granting of a prospecting right over a stake in its
Sishen mine to Imperial Crown Trading (ICT).
ICT was given the right
after ArcelorMittal South Africa failed to convert its mining right over that
same stake and led to Kumba terminating a preferential supply deal with the
steelmaker.
ArcelorMittal, a unit of
the world's biggest steelmaker, last month reached a stop-gap agreement to buy
ore from Kumba over the next year at about half of recent market prices.
"I think the mineral
rights issue can certainly be sorted out (before the interim supply deal
expires) but these issues are court processes and we are dependent on the
availability of court dates," Kumba CEO Chris Griffith told
reporters.
Griffith said the interim
pricing agreement might need to be extended if the arbitration on the pricing
dispute has not been concluded by then.
ArcelorMittal said on
Tuesday it plans to buy ICT in a move to regain the mining right it lost and
resolve the pricing dispute with Kumba. The company said it would cancel the
acquisition should ICT's Sishen right be revoked.
ArcelorMittal South Africa CEO Nonkululeko Nyembezi-Heita said on Friday ICT losing the right
would impact on South Africa's exports, manufacturing and other parts of the
steel industry.
"This will therefore
lead to erosion of South Africa's industrial capacity. Both the job creation
and industrialisation at the heart of IPAP (the government's new
industrialisation policy) will be out of the window," she told lawmakers.
Shares in Kumba were
trading 1.48% higher at R354.15 by 09:51 am, while ArcelorMittal
South Africa shares were down 0.17% at R86.61.