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Kumba granted residual 21.4% Mining Right for Sishen Mine

Kumba Iron Ore Limited  announce that the Department of Mineral Resources has, after taking all the relevant considerations into account, granted the residual 21.4% undivided share of the mining right for the Sishen mine to Kumba’s subsidiary, Sishen Iron Ore Company (Pty) Ltd following the completion of an internal appeal process, as prescribed by section 96 of the Minerals and Petroleum Resources Development Act.

 

As a result of the grant of the residual 21.4% undivided share, SIOC is now the sole and exclusive holder of the right to mine iron ore and quartzite at the Sishen mine. This residual mining right will be incorporated into the 78.6% Sishen mining right that SIOC successfully converted in 2009.

Themba Mkhwanazi, CEO of Kumba, said: “Kumba welcomes the news of being awarded the residual right for the Sishen mine. As our track record shows clearly, Kumba is fully committed to transformation and will continue contributing towards the achievement of South Africa’s developmental objectives. We appreciate the work of the Department of Mineral Resources in bringing this matter to a successful conclusion.”

The consent to amend SIOC’s mining right, by the inclusion of the residual 21.4% undivided share, is subject to various conditions. The conditions, where applicable, will ultimately form part of the conditions to the Sishen mining right. These include the requirement for the continuation of the existing Export Parity Price (“EPP”) based supply agreement between SIOC and ArcelorMittal SA Limited (“ArcelorMittal”) in its role as a strategic South African steel producer, as well as SIOC’s continued support of skills development, research and development and initiatives to enable preferential procurement.

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