S Africa Mine Department, ICT Appeal To Go Before Court Friday
10 Mayo 2012 - 6:26AM
Noticias Dow Jones
South Africa's Department of Mineral Resources and Imperial
Crown Trading Ltd. are due Friday to go before a judge to appeal a
court ruling made last year over a disputed iron ore mining
right.
Kumba Iron Ore Ltd. (KIO.JO), South Africa's largest iron-ore
producer and a subsidiary of Anglo American PLC (AAL.LN), began
legal action in August 2011 accusing the government of wrongly
awarding a lucrative stake in the Sishen mine to
politically-connected Imperial Crown Trading, or ICT.
The 21.4% stake was previously owned by ArcelorMittal South
Africa (ACL.JO), which had lost the right after it failed to
convert it under new mineral laws. Kumba already owned the
remaining stake.
In December 2011, a Pretoria high court ruled that Kumba was the
owner of 100% of Sishen and therefore the Department of Mineral
Resources, or DMR, was wrong in awarding the stake to ICT and that
the deal was void.
"ICT and DMR have now applied for leave to appeal this judgment,
and this application will be heard on May 11," ArcelorMittal South
Africa said Thursday.
Arbitration between ArcelorMittal South Africa and Kumba over a
pricing agreement dispute that arose over the mine right issue is
delayed until the court process is over, the steelmaker
reiterated.
-By Devon Maylie, Dow Jones Newswires; +27117837848;
devon.maylie@dowjones.com
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