{"id":7155,"date":"2012-01-18T20:53:54","date_gmt":"2012-01-18T18:53:54","guid":{"rendered":"http:\/\/www.myza.co.za\/01\/update-1-vitol-buys-stake-in-grindrods-coal-terminal\/"},"modified":"2012-01-18T20:53:54","modified_gmt":"2012-01-18T18:53:54","slug":"update-1-vitol-buys-stake-in-grindrods-coal-terminal","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-1-vitol-buys-stake-in-grindrods-coal-terminal\/","title":{"rendered":"UPDATE 1-Vitol buys stake in Grindrod&#8217;s coal terminal"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* Gains access to 6 mln T Mozambique terminal<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Vitol to pay $67.7 million<\/p>\n<p><span><\/span><\/p>\n<p>* Vitol, Grindrod create separate coal trading firm<\/p>\n<p><span><\/span><\/p>\n<p>GENEVA, Jan 18 (Reuters) &#8211; Commodities trader Vitol<br \/>\nhas agreed to buy a 35 percent stake in a subsidiary of the<br \/>\nSouth African shipping firm Grindrod, giving it access<br \/>\nto a Mozambique coal terminal and enlarging its coal trading<br \/>\noperations, Vitol said on Wednesday.<\/p>\n<p><span><\/span><\/p>\n<p>The Geneva-based company will pay $67.7 million for loan<br \/>\nclaims and shares in Grindrod Mauritius Limitada, which owns the<br \/>\n6 million tonne Maputo coal and magnetite terminal.<\/p>\n<p><span><\/span><\/p>\n<p>Vitol and Grindrod will also combine their coal trading<br \/>\nbooks to create a separate trading company of which Vitol will<br \/>\nown 65 percent and Grindrod will own 35 percent, the firm said.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;Both parts of this transaction create opportunities to<br \/>\nunderpin a significant expansion of our coal trading business,<br \/>\nwhich is an increasingly important part of Vitol&#8217;s global<br \/>\ntrading activity,&#8221; said Bob Finch, Vitol&#8217;s head of coal trading.<\/p>\n<p><span><\/span><\/p>\n<p>The deal is conditional upon approval from the Mozambique<br \/>\ngovernment.<\/p>\n<p><span><\/span><\/p>\n<p>Companies in the coal sector have begun to look beyond South<br \/>\nAfrica, dominated by the giant 72 million-tonne-a-year Richards<br \/>\nBay Coal Terminal, to explore export routes in Mozambique and<br \/>\nNamibia.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>* Gains access to 6 mln T Mozambique terminal * Vitol to pay $67.7 million * Vitol, Grindrod create separate coal trading firm GENEVA, Jan 18 (Reuters) &#8211; Commodities trader Vitol has agreed to buy a 35 percent stake in a subsidiary of the South African shipping firm Grindrod, giving it access to a Mozambique [&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-7155","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\/7155","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=7155"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/7155\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=7155"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=7155"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=7155"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}