Bangladesh News

Wednesday
Oct 18th
Home arrow News arrow Business News arrow ArcelorMittal to develop South African mine
ArcelorMittal to develop South African mine PDF Print E-mail
Saturday, 06 September 2008

AP, BRUSSELS, Belgium -- The world's largest steel maker ArcelorMittal SA said Wednesday it would jointly develop a manganese mine in South Africa in a deal worth $432.5 million.

Keen to secure its own supplies of key raw materials for steel, the company has taken on a series of mining projects in mineral-rich nations.
 
ArcelorMittal will work with Kalahari Resources and South African state-owned financier Industrial Development Corporation to form Kalagadi Manganese.
 
ArcelorMittal will have a 50 percent stake in the company which will develop a manganese mine and an ore treatment complex at Hotazel in Northern Cape Province and a smelter complex in Coega in Eastern Cape Province.
 
The company said drilling in the region has confirmed enough high-grade manganese ore to support the mine for more than 20 years after it starts work in 2010. The Kalagadi region has 80 percent of the world's known manganese deposits.
 
Manganese is added to some types of steel to make it stronger.
 
Kalahari Resources is a majority black-owned company that forms part of a South African initiative to give local people a stake in the country's rich mineral resources.

Comments Add New
Write comment
Name:
Email:
  We don't publish your mail. See privacy policy.
Title:
Please input the anti-spam code that you can read in the image.
 
< Prev   Next >