ArcelorMittal and Kalagadi Manganese Announce the Unconditional Participation of ArcelorMittal in Kalagadi Manganese.JOHANNESBURG, South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. -- Regulatory News: Following the announcement on 20 November 2007, in which Kalagadi Manganese manganese (măng`gənēs, măn`–) [Lat.,=magnet], metallic chemical element; symbol Mn; at. no. 25; at. wt. 54.938; m.p. about 1,244°C;; b.p. about 1,962°C;; sp. gr. 7.2 to 7. and ArcelorMittal announced the finalisation of an agreement confirming the selection of ArcelorMittal as a joint venture partner in developing Kalagadi's manganese deposits, the Parties have today announced that all conditions precedent to the transaction have been satisfied and the transaction implemented. ArcelorMittal has effected payment of its subscription amount to subscribe for a 50% interest in Kalagadi Manganese. The USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 432.5 million deal will result in the establishment and implementation of the joint venture between Kalahari Resources, Industrial Development Corporation Limited ("IDC") and ArcelorMittal that will lead to the development in South Africa of: * a manganese mine, beneficiation beneficiation Treatment of raw material (such as pulverized ore) to improve physical or chemical properties in preparation for further processing. Beneficiation techniques include washing, sizing of particulates, and concentration (which involves the separation of valuable plant and sinter sinter Mineral deposit with a porous or vesicular texture (having small cavities). Siliceous sinter is a deposit of opaline or amorphous silica that occurs as an incrustation around hot springs and geysers and sometimes forms conical mounds (geyser cones) or terraces. complex in the Northern Cape For other uses, see North Cape (disambiguation). The Northern Cape is a large, sparsely populated province of South Africa, created in 1994 when the Cape Province was split up. Its capital is Kimberley. Province; and * a smelter complex in Coega, Eastern Cape The Eastern Cape is a province of South Africa. Its capital is Bhisho. It was formed in 1994 out of the "independent" homelands of Transkei and Ciskei, as well as the eastern portion of the Cape Province. Province. Commenting, Daphne Mashile-Nkosi, Chairperson of Kalagadi Manganese, said: "We are excited to have finalised the participation of ArcelorMittal in Kalagadi Manganese. The investment by ArcelorMittal, the world's largest steel producer, provides Kalagadi Manganese with a solid platform to progress the implementation and operation of the project. We believe that over and above the capital injection, our new partner will add significant value to the business in respect of enhancing operational efficiencies". Nku N. Nyembezi-Heita, ArcelorMittal nominee Director of Kalagadi Manganese, said: "We are delighted to have concluded the subscription for shares in Kalagadi Manganese. This is an exciting greenfield project For other uses, see Greenfield (disambiguation). In software engineering jargon, a greenfield is a project which lacks any constraints imposed by prior work. The image is that of construction on greenfield land, where there is no need to remodel or demolish an existing that will facilitate the ownership of previously disadvantaged communities into the manganese ore and alloy industries, resulting in employment opportunities in the Northern Cape and Coega areas, whilst bolstering export earnings for South Africa. We look forward to developing a world-class manganese operation together with our partners Kalahari Resources and IDC". Commenting on this deal the SBU SBU St. Bonaventure University (St. Bonaventure, New York) SBU Stony Brook University (State University of New York) SBU Southwest Baptist University (Bolivar, MO) Head for Mining & Beneficiation at IDC Abel Malinga said: "this transaction is significant to us in many ways; firstly, it is line with the IDC's mandate of promoting industrial development and secondly the BEE element of this transaction will enable black business to have a meaningful participation in this industry". Kalagadi Manganese's project is situated in the Kuruman / Hotazel district of the Northern Cape Province. The Parties intend establishing a manganese ore mine and sinter plant at Hotazel that will ultimately produce 2.4 million tonnes of sinter product per annum Per annum Yearly. . It will also see the establishment of a 320 000 tpa ferromanganese fer·ro·man·ga·nese n. An alloy of iron and manganese used in the production of steel. alloy production facility in the Coega Industrial Development Zone in Port Elizabeth Port Elizabeth, city (1991 pop. 670,653), Eastern Cape, SE South Africa, on Algoa Bay, an arm of the Indian Ocean. It is a tourist center and a major seaport that ships diamonds, wool, fruit, and other items. . Drilling to date has confirmed the presence of a high grade manganese ore resource sufficient to support a life of mine in excess of 20 years. The project, which is due to come on-line in 2010, overlies the Kalagadi Manganese Basin, a world renowned source of manganese ore containing 80 percent of the world's known manganese resources. Following the unconditional implementation of the transaction, Kalagadi Manganese is 50% owned by ArcelorMittal, 40% owned by Kalahari Resources, a majority black women owned and controlled company, with the remaining 10% held by IDC, the South African state-owned financier. NOTES TO EDITORS: About Kalagadi Manganese Kalagadi Manganese (Pty) Ltd, a company that was held, until recently, by Kalahari Resources (80%), a majority black owned and women led resources company, and the Industrial Development Corporation (20%) has been involved in the exploration for Manganese in the Kalahari Basin The Kalahari Basin (or Kalahari Depression) is a large lowland area covering over 2.5 million km² covering most of Botswana and parts of Namibia, South Africa, Angola, Zambia, and Zimbabwe. . The three farms on which the company holds new order mining rights are believed to overly some 960 million tons of manganese ore. The recent exploration programme has identified 102 million tons of Mineral Resources Noun 1. mineral resources - natural resources in the form of minerals natural resource, natural resources - resources (actual and potential) supplied by nature . Kalagadi Manganese has now concluded a deal with ArcelorMittal that will create an operating company operating company A business that engages in transactions with outsiders. to execute the project. For more information about Kalagadi Manganese visit: www.kalahariresources.co.za About Kalahari Resources: Kalahari Resources is a majority black-owned company with women occupying leading positions. Kalahari Resources was formed in 2001 as a result of new mining legislation, which gave historically disadvantaged individuals an opportunity to participate in the main stream economy. It has brought together women groups and entrepreneurs with broad-based participants and beneficiaries. Kalahari Resources is a truly South African company which is committed to transforming society and the future. The company's intention of gaining access to manganese resources was achieved in 2005 when the company was granted a licence to prospect in the Kalahari Manganese Basin, specifically on the farms Gama, Olivepan and Umtu. The development started with the injection by Daphne Mashile-Nkosi of R12 million into the project to complete the prefeasibility study. This paved the way for a further R60 million injection by the IDC. For more information about Kalahari Resources visit: www.kalahariresources.co.za About the IDC: The IDC (www.idc.co.za) is a self-financing, South African state-owned national development finance institution that provides finance to promote industrial and entrepreneurial development. Its primary objectives are to contribute to balanced sustainable economic growth in Africa and to the economic empowerment of the South African population, thereby promoting the economic prosperity of all citizens of the African continent. The IDC identifies and funds projects in partnership with others and focuses on promoting and investing in viable new industries and differentiates itself through risk taking and flexibility in structuring, particularly in promotion of BEE, SMEs, regional investment diversification and job creation. About ArcelorMittal ArcelorMittal is the world's leading steel company, with over 320,000 employees in more than 60 countries. ArcelorMittal is the leader in all major global steel markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks. With an industrial presence in over 20 countries spanning four continents, the Company covers all of the key steel markets, from emerging to mature. Through its core values of sustainability, quality and leadership, ArcelorMittal commits to operating in a responsible way with respect to the health, safety and wellbeing of its employees, contractors and the communities in which it operates. It is also committed to the sustainable management of the environment and of finite resources. ArcelorMittal recognises that it has a significant responsibility to tackle the global climate change challenge: it takes a leading role in the industry's efforts to develop breakthrough steelmaking technologies and is actively researching and developing steel-based technologies and solutions that contribute to combat climate change. In 2007 ArcelorMittal had revenues of USD 105.2 billion and crude steel production of 116 million tonnes, representing around 10 per cent of world steel output. ArcelorMittal is listed on the stock exchanges of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of (MT), Amsterdam (MT), Paris (MTP (1) (Message Transfer Part) See SS7. (2) (Media Transfer Protocol) A Microsoft enhancement to the picture transfer protocol (PTP), starting with Windows Media Player 10 in Windows XP. ), Brussels (MTBL MTBL Mean Time Between Data Loss ), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS (1) See Microsoft Transaction Server. (2) (Modular TV System) The stereo channel added to the NTSC standard, which includes the SAP audio channel for special use. 1. MTS - Message Transport System. 2. ). For more information about ArcelorMittal visit: www.arcelormittal.com |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion