TRANSACTION IN RESPECT OF SHANDUKA COAL

RNS Number : 3137G

Glencore International PLC

28 June 2012

 



Baar, Switzerland                                                                                               28 June, 2012

GLENCORE COMPLETES TRANSACTION IN RESPECT OF SHANDUKA COAL

Glencore International plc today announces that it has, through a subsidiary, completed a transaction pursuant to which it has disposed of a 20% interest in Shanduka Coal to Shanduka Resources, a wholly owned subsidiary of Shanduka Group, its South African black economic empowerment partner, in exchange for a cash payment and the transfer by Shanduka Resources to Shanduka Coal of its 30 per cent shareholding in Kangra Coal.

Shanduka Resources now holds 50.01 per cent of Shanduka Coal and Glencore 49.99 per cent.

Shanduka Coal owns 100 per cent of the Graspan Colliery and the Middelburg Townlands Colliery and Extension, located near Middelburg, South Africa, as well as the Springlake Colliery located near Newcastle, South Africa. These operating mines have an aggregate annual production capacity of 6 million tonnes of saleable coal.    Shanduka Coal is also developing further coal projects in South Africa's Mpumalanga coalfields.

Kangra Coal is owner of the Savmore Colliery in the Ermelo coal fields of South Africa, with a current annual production capacity of 3 million tonnes of saleable coal.

Tor Peterson, director of the Coal/Coke commodity department,said: "We are pleased to have completed this transaction.  We support our partner, Shanduka Resources', vision regarding the creation of a South African black-controlled coal producer of substance, and we look forward to further growing the Shanduka Coal business." 

For further information, please contact:

Paul Smith (Investors)                            Simon Buerk (Media)                  Finsbury (Media)

t: [phone]                             t: [phone]                 Guy Lamming

m: [phone]                           m: [phone]                Dorothy Burwell

e: [e-mail]                  e: [e-mail]     t: [phone]

Elisa Morniroli (investors)                       Charles Watenphul (Media)

t: [phone]                            t: [phone]

m: [phone]                                  m: [phone]

[e-mail]                 [e-mail]

About Glencore International plc

Glencore is one of the world's leading integrated producers and marketers of commodities, headquartered in Baar, Switzerland, and listed on the London and Hong Kong Stock Exchanges. Glencore has worldwide activities in the production, sourcing, processing, refining, transporting, storage, financing and supply of Metals and Minerals, Energy Products and Agricultural Products.

About Shanduka Group

Shanduka Group is an African black-owned and managed investment holding company established in 2001. The investment portfolio comprises resources, energy financial services, property, industrial and food and beverages.  The Shanduka Group partners with organisations in which it can play a meaningful role in maximising its growth and profitability. Furthermore, the business follows a stringent evaluation criterion to ensure that potential investee companies have the growth potential necessary to match the Shanduka Group's record and capacity to become valued partners in wealth creation for all stakeholders, including shareholders, staff and society at large.

 

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