13th Oct 2016 07:10
LONDON (Alliance News) - Mining giant Anglo American PLC on Thursday said its Kumba Iron Ore Ltd subsidiary has been granted a residual 21.4% mining right for the Sishen project in South Africa.
In a statement, Kumba said the mining right has been granted to its Sishen Iron Ore Co Pty Ltd subsidiary. The award means Kumba has the exclusive rights to mine iron ore and quartzite at the Sishen mine.
"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," said Kumba Chief Executive Themba Mkhwanazi.
Anglo American shares were down 2.4% at 1,015.50 pence on Thursday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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