Ruling ups Arcelor
SHARES of ArcelorMittal South Africa advanced 5.7% last Thursday after the Pretoria High Court ruled that Sishen Iron Ore holds 100% of the mining right over Sishen, the country's largest iron ore mine.
By mid-afternoon on Thursday, shares in ArcelorMittal had gained 5.74% or R3.46 to R6.72 on the JSE, while shares in Kumba Iron Ore, however, slipped R2.09 or 0,42% lower to R493.86.
While Judge Raymond Zondo said the full judgment would only be available tomorrow he indicated that when Kumba Iron Ore applied for conversion of the right over Sishen that it was granted the full mining right and there was no such thing as a right to a portion of Sishen.
This means Imperial Crown Trading, which is politically well connected, is not a holder of the 21,4% portion of Sishen previously held by steelmaker ArcelorMittal South Africa.