{"id":9377,"date":"2012-03-28T03:35:54","date_gmt":"2012-03-28T01:35:54","guid":{"rendered":"http:\/\/www.myza.co.za\/03\/vitol-takes-stake-in-safrica-coal-miner-cic\/"},"modified":"2012-03-28T03:35:54","modified_gmt":"2012-03-28T01:35:54","slug":"vitol-takes-stake-in-safrica-coal-miner-cic","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/vitol-takes-stake-in-safrica-coal-miner-cic\/","title":{"rendered":"Vitol takes stake in SAfrica coal miner CIC"},"content":{"rendered":"

\t\t<\/span><\/p>\n

By Jacqueline Cowhig<\/span><\/p>\n

<\/span><\/p>\n

MOSCOW, March 27<\/span> (Reuters) – Energy trader Vitol is taking a
\n9.1 percent stake in South Africa miner CIC Energy Group as part
\nof its strategy to develop a substantial coal business for the
\nlong-term, a Vitol executive told Reuters on Tuesday.<\/p>\n

<\/span><\/p>\n

Falling coal qualities in South Africa’s Mpumalanga coal
\nheartland and a lack of access to export capacity have forced
\ncoal players to look to the north of the country, to Botswana,
\nthe Waterberg and across the border to largely-undeveloped
\nMozambique for investments, industry sources said.<\/p>\n

<\/span><\/p>\n

“This (the CIC deal) is about Vitol securing access to
\nlarge-scale exports in the future,” the exectuive said, speaking
\non condition of anonymity.<\/p>\n

<\/span><\/p>\n

CIC has three coal blocks in development, one for domestic
\ncoal and two for export.<\/p>\n

<\/span><\/p>\n

Vitol will market 60 percent of any future export grade
\ncoal, he said.<\/p>\n

<\/span><\/p>\n

“Vitol is trying to develop an upstream strategy to support
\nthe Maputo terminal (in which it bought a stake) and to increase
\nit,” he said. “We see the future of South African coal from
\ngreenfield areas, the Waterberg, Botswana and beyond.”<\/p>\n

<\/span><\/p>\n

CIC wants to build rail lines to new or expandable points of
\nexport, which could go through Botswana, Zimbabwe and Mozambique
\nbut is more likely to run from Witbank to the Waterberg and then
\neast to Maputo.<\/p>\n

<\/span><\/p>\n

“This is not Vitol saying we don’t like South African risk,
\nmost coal will go through South African transport systems such
\nas the expanded Transnet line through the Waterberg,” he added.
\n\u00a0 Continued…<\/strong><\/span><\/p>\n

<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

By Jacqueline Cowhig MOSCOW, March 27 (Reuters) – Energy trader Vitol is taking a 9.1 percent stake in South Africa miner CIC Energy Group as part of its strategy to develop a substantial coal business for the long-term, a Vitol executive told Reuters on Tuesday. Falling coal qualities in South Africa’s Mpumalanga coal heartland and […]<\/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-9377","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\/9377","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=9377"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/9377\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=9377"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=9377"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=9377"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}