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Monday, 12 October 09
SHANDUKA BUYS SACMH RICHARDS BAY COAL ALLOCATION


* Shanduka Coal takes SACMH 500,000T export space
* RBCT must approve any change of ownership


Reuters reported that, South Africa's Shanduka Coal has bought 500,000 tonnes of export capacity at Richards Bay Coal Terminal from South African Coal Mining Holdings Ltd (SACMH), a source close to the deal said.

The source would not disclose the price for the deal but trading companies and miners who have sought to buy export allocations during the past several months have been quoted prices of $20.00 per tonne.

"If you take a view that in the medium to long-term export prices for South African coal are going to go up, it makes sense to buy allocation," the source said.

SACHM was not available for comment.

Under the RBCT rules the sale of allocation must get approval from the RBCT board, made up of representatives of its shareholders among the major mining houses.

Even if an agreement to sell allocation has been made, RBCT shareholders must agree unanimously to permit it at the next board meeting before a final transfer of ownership can take place, industry sources said.

SACMH has been trying to sell its coal mines, export allocation and rail sidings since April, industry sources said.

SACMH's export allocation at RBCT was by far the most attractive of its assets for sale, said sources at companies which looked closely at the miner.

SACHM stopped mining on April 1 and since then the company has been undergoing a restructuring and search for a new equity partner.

Shanduka Coal, a joint venture between Swiss-based traders Glencore and Shanduka Resources, produces 9 million tonnes a year of thermal coal, the majority of which is exported.

Through its subsidiaries it owns 100 percent of the Graspan, Townlands, Bankfontein, Leeuwfontein and Lakeside mines near Middelburg and Kendal
Source: Reuters



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