Johannesburg, 16 January 2012
Xstrata Coal South Africa (XCSA) is pleased to announce that
it has completed the sale of its Spitzkop and Tselentis
collieries and supporting coal assets, located in Mpumalanga,
South Africa, to the Imbawula Group (Imbawula) for an
undisclosed amount. The transaction has effect from 1 January
2012.
Imbawula has acquired, as a going concern, the Spitzkop and
Tselentis opencast and underground mining operations, all
supporting infrastructure, including land, movable assets,
buildings and coal beneficiation plants. In addition,
Imbawula Mining has acquired prospecting and mining rights in
the area which support the long term operation of this
business.
All affected XCSA employees will be transferred to Imbawula
and the represented unions have been consulted.
Murray Houston, XCSA Chief Operating Officer, commented:
"I believe this transaction is a positive outcome for Xstrata
Coal, Spitzkop and Tselentis employees and the operations'
many stakeholders. We have a long and established
relationship with the executives and shareholders of
Imbawula. I am pleased that we are transferring ownership of
these two collieries to a growing coal producer. Imbawula is
gaining a highly competent team of employees and the company
has an ongoing commitment to working responsibly and safely.
From our perspective, the disposal of these assets allows us
to focus on our core portfolio of large production complexes,
including the ongoing development of our existing and future
resource base".
Mr Pius Mokgokong and Mr Yacoob Mansoor, directors of
Imbawula stated:
"Our group owns and operates various other coal mines in the
region and this acquisition is a compelling and natural fit.
We have an established management team in place and this
transaction will deliver significant synergies for our group
over a relatively short time
frame. While this acquisition supplements our resources to
support our core business, which is the supply of coal to
Eskom, it also offers diversification away from Eskom with
exposure to the export markets. Xstrata Coal will purchase
export coal from us over a ten year period at a market
related price. The benefits derived from this acquisition
ensure that Imbawula will be the pre-eminent BEE coal mining
company in this area, and the employees will be working in an
environment filled with opportunity".
In addition XCSA has agreed to assist Imbawula during a
transition period to ensure a smooth handover of various
aspects related to the business, including accounting
systems, procurement and payroll functions, and other key
issues including IT/IS migration processes. XCSA will also
continue its HIV/Aids community work in the region, including
the completion of a new community clinic in Breyten.
The required approvals from the Competition Tribunal and the
Department of Mineral
Resources have been obtained for the transaction.
Ends
Neither the content of the company's website nor the content of any other website accessible from hyperlinks on the company's website is incorporated into, or forms part of, this announcement
Xstrata contactsName Gugulethu Maqetuka
Telephone +2711 7720650
Mobile +2782 944 6572
Email gmaqetuka@xstratacoal.co.za
www.xstrata.com
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