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.
-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 email@example.com
(END) Dow Jones Newswires
June 28, 2012 02:34 ET (06:34 GMT)
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