South Africa Awards Anglo American, ArcelorMittal Mining Rights

Financial Post reported Anglo American (LSE:AAL) and ArcelorMittal (NYSE:MT) won the rights to mine one of South Africa’s largest iron ore deposits.

As quoted in the market news:

The High Court set aside the award of a 21.4% permit to the Sishen mine to Imperial Crown Trading 289 (Pty) Ltd., whose owners include Jagdish Parekh, a business partner of Duduzane Zuma. The right was previously held by ArcelorMittal South Africa, a unit of the world’s biggest steelmaker. Its stock surged the most in 11 months in Johannesburg.

Click here to read the full Financial Post report.