[miningmx.com] — SHANDUKA Group has finalised the increase of its
shareholding in Shanduka Coal to 50.01%, from 30% previously, the company said
on Thursday.
It followed a transaction, announced in December, whereby Glencore International
had agreed to lower its stake in Shanduka Coal to 49.99%.
The transaction 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.
These operating mines have an annual production capacity of 6 million tonnes of
saleable coal, and supply the export and domestic markets, including Eskom.
“We are very pleased that this transaction has been finalised,’ said Phuti Mahanyele,
CEO of Shanduka Group. “It goes some way in delivering on our strategy of
increasing our shareholding in specific businesses and increasing our operational
involvement.’
