| Extension of cautionary and update on Sishen Mine’s 21.4% mining right | |
| | |
|
Until the legal and practical implications of the proposed conditions have been clarified with the DMR, SIOC is unable to accept the conditions. Section 96 of the Mineral & Petroleum Resources Development Act ('MPRDA') allows for an internal appeal to the Minister of Mineral Resources. Kumba therefore submitted an internal appeal to the Minister as per the requirements of the MPRDA.
In the interim, Kumba continues to engage with the Minister of Mineral Resources in relation to the proposed conditions in order to achieve a mutually beneficial solution.
The conditions contained in the Letter of Grant relate substantively to domestic supply, support for skills development, research & development, and procurement.
Shareholders will be updated as appropriate and are hereby advised to continue exercising caution when dealing in the Company's shares and securities, until a further announcement is made.
Note to Editors:
The Constitutional Court ruled on 12 December 2013 that the residual 21.4% undivided share of the mining right in respect of Kumba's Sishen mine, which is owned by Kumba's subsidiary SIOC, remained available for allocation by the DMR and that, based on the provisions of the MPRDA, only SIOC could apply to be granted the residual right. SIOC subsequently applied to the DMR in relation to the residual right.
Centurion
|
|
|
Kumba Iron Ore
|
|
PRODUCER |
CODE : KIO |
ISIN : ZAE000085346 |
|
| |
ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Kumba Iron Ore is a zinc and copper producing company based in South africa. Kumba Iron Ore produces zinc, copper, iron in South Africa, and holds various exploration projects in Congo Dem. Rep. of and in Tanzania. Its main asset in production is SISHEN MINE in South Africa and its main exploration properties are KIPUSHI in Congo Dem. Rep. of and MRANGI in Tanzania. Kumba Iron Ore is listed in Germany, in South Africa and in United States of America. Its market capitalisation is 4.7 billions as of today (US$ 10 541.9 billions, € 9 572.0 billions). Its stock quote reached its highest recent level on September 07, 2015 at 8 797.00, and its lowest recent point on March 17, 2023 at 10.29. Kumba Iron Ore has 322 085 974 shares outstanding. |