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28-06-2012 08:34:00

Glencore Completes Sale of 20% of Shanduka Coal, Still Has 49.99%

Relateret indhold

LONDON--Commodities group Glencore International PLC (GLEN.LN) said Thursday that it has through a subsidiary completed the disposal of a 20% interest in Shanduka Coal to Shanduka Resources, a wholly owned subsidiary of Shanduka Group, its South African black economic empowerment partner.

MAIN FACTS:

-Disposal was in exchange for a cash payment, which was not disclosed, and the transfer by Shanduka Resources to Shanduka Coal of its 30% shareholding in Kangra Coal.

-Shanduka Resources now holds 50.01% of Shanduka Coal and Glencore 49.99%.

-Shanduka Coal owns 100% of the Graspan Colliery and the Middelburg Townlands Colliery and Extension, near Middelburg, South Africa, as well as the Springlake Colliery near Newcastle, South Africa.

-These operating mines have an aggregate annual production capacity of 6 million tonnes of saleable coal.

-Shanduka Coal is also developing further coal projects in South Africa's Mpumalanga coalfields.

-Kangra Coal is owner of the Savmore Colliery in the Ermelo coal fields of South Africa, with a current annual production capacity of 3 million tonnes of saleable coal.

-Glencore shares closed Wednesday at 2,983 pence valuing the company at GBP20.65 billion.

-Write to Rory Gallivan at rory.gallivan@dowjones.com

(END) Dow Jones Newswires

June 28, 2012 02:34 ET (06:34 GMT)

Copyright (c) 2012 Dow Jones & Company, Inc.

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