{"id":6101,"date":"2011-12-14T12:15:41","date_gmt":"2011-12-14T10:15:41","guid":{"rendered":"http:\/\/www.myza.co.za\/12\/shanduka-group-gains-majority-control-of-coal-jv\/"},"modified":"2011-12-14T12:15:41","modified_gmt":"2011-12-14T10:15:41","slug":"shanduka-group-gains-majority-control-of-coal-jv","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/shanduka-group-gains-majority-control-of-coal-jv\/","title":{"rendered":"Shanduka Group gains majority control of coal JV"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p><span class=\"articleLocation\">JOHANNESBURG<\/span> Dec 14 (Reuters) &#8211; South Africa&#8217;s<br \/>\nShanduka Group said on Wednesday it had gained majority control<br \/>\nof a coal venture it operates with global commodity trader<br \/>\nGlencore to have a bigger say in the running of its<br \/>\ncoal assets.<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>Shanduka, an unlisted investment holding company chaired by<br \/>\npolitician-turned-businessman Cyril Ramaphosa, increased its<br \/>\nstake in Shanduka Coal to 50.01 percent from 30 percent.<\/p>\n<p><span><\/span><\/p>\n<p>Shanduka and Glencore will share operational control of the<br \/>\njoint venture.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;The decision to increase our shareholding in Shanduka Coal<br \/>\nis in line with our strategy of expanding our investment in the<br \/>\ncoal sector and becoming more operationally involved,&#8221; Chief<br \/>\nExecutive Phuti Malabie said in a statement.<\/p>\n<p><span><\/span><\/p>\n<p>The group will pay 370 million rand ($44.7 million) and use<br \/>\nsome of its other coal assets, including a 30 percent stake in<br \/>\nKangra Coal, to fund the deal.<\/p>\n<p><span><\/span><\/p>\n<p>The group also plans to spend 200 million rand to develop<br \/>\nfuture coal projects over the next five years.<\/p>\n<p><span><\/span><\/p>\n<p>Shanduka Coal&#8217;s operating mines include the Graspan,<br \/>\nMiddelburg Townlands and Springlake collieries in South Africa.<\/p>\n<p><span><\/span><\/p>\n<p>The coal joint venture currently produces around 7 million<br \/>\ntonnes of saleable coal per year, which is sold domestically to<br \/>\npower utility Eskom and exported to international markets.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;Despite current global uncertainties, the outlook for coal<br \/>\nremains robust. Our continued investment in the South African<br \/>\nmining industry is indicative of the value we see in its<br \/>\nprospects,&#8221; Malabie said.<\/p>\n<p><span><\/span><\/p>\n<p>The deal is still subject to approvals by the competition<br \/>\nauthority and the department of mineral resources.<\/p>\n<p><span><\/span><\/p>\n<p class=\"copyright\">\n<p>         \t\t\u00a9 Thomson Reuters 2011 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"<p>JOHANNESBURG Dec 14 (Reuters) &#8211; South Africa&#8217;s Shanduka Group said on Wednesday it had gained majority control of a coal venture it operates with global commodity trader Glencore to have a bigger say in the running of its coal assets. Shanduka, an unlisted investment holding company chaired by politician-turned-businessman Cyril Ramaphosa, increased its stake in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-6101","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/6101","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=6101"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/6101\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=6101"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=6101"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=6101"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}