[miningmx.com] – EXXARO Resources must include a community stake if it is to have a proposed takeover of Total Coal South Africa approved by the South African government, said Bloomberg News citing the country’s mines minister Ngoako Ramatlhodi.
The companies have been told that it is essential for them to include such a stake, according to the minister. “I’ve said so,’ he told the newswire service in Cape Town. The proposed $472m acquisition has waiting for a change of control licence from the government since last year.
Exxaro declined to comment on when the deal could expire if approval isn’t granted, citing confidentiality regarding the transaction, Mzila Mthenjane, executive head of strategy for the company, said in an e-mailed reply to Bloomberg questions on June 4.
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