Shanduka eyes bigger slice in coal venture
Johannesburg - Shanduka Group hopes to conclude a deal
before the end of the year which would increase its stake in a coal venture
with global trader Glencore to a controlling one, Business Day newspaper
reported on Friday.
Shanduka Coal, currently 70% owned by Glencore, has a run of
mine production of 9 million tonnes.
"For our growth, we are not necessarily looking at new
acquisitions. At our existing investments, we are looking for significant
shareholdings or controlling equity stakes, getting deeper into those
businesses we are already in," CEO Phuti Malabie was quoted by the
paper as saying.
Malabie also told the paper there were no immediate plans to
list the group or any parts of its businesses.
Shanduka said earlier this week that it may invest R1.1bn
for control and management of Lonmin's Limpopo division.
Together with Glencore, Shanduka has also expressed interest
to bid for Optimum Coal, South Africa's sixth-largest producer.
Shanduka is an investment group run by prominent
politician-turned-businessman Cyril Ramaphosa.
Shanduka Coal, through its subsidiaries, owns the Graspan,
Townlands, Bankfontein, Leeuwfontein and Lakeside mines in South Africa. Its
coal is sold both to the domestic market and exported through the Richards Bay