Glencore completes 43.66% stake purchase in South African coal miner Umcebo.

By bne IntelliNews December 8, 2011
Global commodities giant Glencore International said it has completed the acquisition of 43.66% of South African coal miner Umcebo Mining Limited for ZAR 900mn (EUR 83.3mn). The transaction secures access to long-life resources from South Africas principal coal field in Mpumalanga, which has established infrastructure for the transport of export quality thermal coal, Glencore said in a statement. The deal provides Glencore with access to an eventual 1.5 million metric tonnes of export allocation in Phase V of the Richards Bay Coal Terminal, the company added. Umcebo currently has three thermal coal mines in operation, and a stand-alone wash plant, with an aggregate annual production capacity of 7.2 million run of mine metric tonnes. Another mine is scheduled to start production in 2013, with a long-term annual production capacity of 3.6 million run of mine metric tonnes. Glencore has estimated that Umcebo has an attractive pipeline of further development projects with attributable resources of at least 860 million metric tonnes.
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