| Abstract: |
The Department of Mineral Resources (DMR) has confirmed to Mining Weekly Online that the 21,4% undivided share that ArcelorMittal South Africa had hitherto owned in the Sishen iron-ore mine had reverted to State custodianship, in line with the prescripts of the Mineral and Petroleum Resources Development Act (MPRDA).
Spokesperson Jeremy Michaels said that the DMR had held separate meetings with both ArcelorMittal South Africa and Kumba Iron Ore (KIO), the majority shareholder in Sishen Iron Ore Company (SIOC), which cancelled a supply agreement with the steel group from March 1, 2010, citing as its key reason the failure of the company to convert its rights from the old to the new order by the April 30, 2009, deadline. |