Johannesburg - Shanduka Group and Glencore International
have finalised the transaction whereby Shanduka Group has increased its
shareholding in Shanduka Coal from 30% to 50.01%.
Glencore retains a 49.99% shareholding in Shanduka Coal
post-transaction.
The deal 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, both in SA.
These operating mines have a current aggregate annual production
capacity of 6 million tonnes of saleable coal, and supply the export and
domestic markets, including Eskom. Shanduka Coal is also developing further
coal projects in the Mpumalanga coalfields.
Kangra Coal is owner of the Savmore Colliery in the Ermelo
coalfields of SA, with a current annual production capacity of 3 million tonnes
of saleable coal.
Phuti Mahanyele, CEO of Shanduka Group, said the transaction
goes some way in delivering on the conpany’s strategy of increasing its
shareholding in specific businesses and increasing its operational involvement.
“We are excited about the future of the Shanduka Coal
business, and we are committed to growing it further with our partner
Glencore,” Mahanyele said.
Shanduka Group is an African black-owned and managed
investment holding company established in 2001. The investment portfolio
comprises resources, energy financial services, property, industrial and food
and beverages. The group partners with
organisations in which it can play a meaningful role in maximising its growth
and profitability.