[miningmx.com] — GLENCORE International announced on Tuesday it and businessman Cyril Ramaphosa has gained a majority holding of Optimum Coal.
The company said that the consortium of partners have increased their stake by a further 36.56%, and now holds 67.77% of the issued share capital.
It will now offer the remaining shareholders an offer of R38/share.
“Optimum will add to our coal presence in South Africa and will be highly complimentary to our joint venture Shanduka Coal and our investment in Umcebo,” said Tor Peterson, a director of Glencore’s coal and coke commodity department.
“South Africa is an important producer to supply the growing Chinese and Indian markets, so we are delighted to add to our business in the country with our partner Cyril Ramaphosa.”
