South Africa Court to Rule on Anglo, ArcelorMittal Mine Permit

Bloomberg reported Anglo (LSE:AAL) and ArcelorMittal (NYSE:MT) are awaiting a ruling from the South African court regarding a mining permit.

As quoted in the market news:

ArcelorMittal (MT) South Africa Ltd. in June joined Anglo American Plc (AAL) unit Kumba Iron Ore (KIO) in asking the North Gauteng High Court in Pretoria to overturn the award of a 21.4 percent right at the Sishen iron-ore mine, previously held by ArcelorMittal South Africa, to closely held Imperial Crown Trading 289 (Pty) Ltd. ICT’s owners include Jagdish Parekh, a business partner of Zuma’s son, Duduzane. Kumba holds the rest of the Sishen right through Sishen Iron Ore Co., which is partly owned by Exxaro Resources Ltd. (EXX).

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