Commodities marketer and producer Glencore International is no longer a controlling stakeholder in Shanduka Coal after completing the disposal of a one-fifth interest in the South African miner.
Glencore has sold a 20% stake in Shanduka Coal to Shanduka Resources (a wholly owned subsidiary of South African black economic empowerment partner Shanuka Group) in exchange for a cash payment and the transfer by Shanduka Resources to Shanduka Coal of its 30% shareholding Kangra Coal.
Shanduka Resources now holds a 50.01% interest in Shaduka Coal while Glencore owns just 49.99%.
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Shanduka Coal owns the Graspan Colliery and the Middelburg Townloads Colliery and Extension in South Africa, which have an aggregate annual production capacity of six million tonnes of saleable coal.
Kangra Coal is owner of the Savmore Colliery in the Ermelo coal fields of South Africa, with a current annual production capacity of three million tonnes of saleable coal.
"We are pleased to have completed this transaction. We support our partner, Shanduka Resources', vision regarding the creation of a South African black-controlled coal producer of substance, and we look forward to further growing the Shanduka Coal business," said Tor Peterson, the director of Glencore's Coal/Coke department.
BC
