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Kumba, Amsa yet to agree on iron deal

Aug 01 2012 10:30 Reuters

Company Data

ANGLO AMERICAN PLC [JSE:AGL]

Last traded 270.40
Change 1.49
% Change 0.01
Cumulative volume 34445
Market cap 380.04bn

Last Updated: 01/09/2014 at 09:16. Prices are delayed by 15 minutes. Source: McGregor BFA

KUMBA IRON ORE LIMITED [JSE:KIO]

Last traded 318.55
Change 0.05
% Change 0.00
Cumulative volume 2440
Market cap 102.60bn

Last Updated: 01/09/2014 at 09:15. Prices are delayed by 15 minutes. Source: McGregor BFA

ARCELORMITTAL SOUTH AFRICA LIMITED [JSE:ACL]

Last traded 39.17
Change -0.19
% Change 0.00
Cumulative volume 1000
Market cap 17.46bn

Last Updated: 01/09/2014 at 09:14. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Iron ore miner Kumba Iron Ore [JSE:KIO] said on Wednesday it had yet to agree with ArcelorMittal SA [JSE:ACL] on extending a pricing deal that expired this week.

Kumba, a unit of global miner Anglo American [JSE:AGL], said it would continue to supply ArcelorMittal's South African arm with iron ore on terms currently being discussed between the two, without disclosing the terms.

Kumba in 2010 suspended its agreement to supply the unit of the world's top steelmaker with iron ore at a discount. The suspension came after ArcelorMittal allowed a partial mining right it held in Kumba's Sishen mine to lapse.

Kumba now wants market prices for the ore, although ArcelorMittal insists the preferential deal still stands.

Until an arbitration hearing resolves the dispute, the companies had agreed an interim supply deal that expired on July 31, under which ArcelorMittal paid a fixed price of $50 per tonne for ore for its Saldanha plant and $70 per tonne for its inland plants.

ArcelorMittal has said it was confident the arbitration hearing would rule in its favour, although it may take until next year to resolve the dispute. The company had paid R1.1bn more for iron ore in 2011 due to the dispute.

 
arcelormittal sa  |  kumba iron ore
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