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ArcelorMittal SA to buy unnamed iron ore project after approvals

February 08, 2012 - 09:08 GMT Location: Johannesburg

KEYWORDS: ArcelorMittal South Africa , iron ore , Northern Cape , Riversdale , Mozambique , Kumba Sishen

ArcelorMittal South Africa will move to buy an iron ore exploration project in the Northern Cape as soon as regulatory approval is finalised, the company said on Tuesday February 7 when presenting its fourth-quarter 2011 results, without disclosing the name of the project.

The steelmaker has completed due diligence on the project and will take it forward during the year, after all approvals have been completed. The company’s ceo, Nonkululeko Nyembezi-Heita, did not identify the project or define the total possible capital spend ArcelorMittal will face once the project is in its hands....

All material subject to strictly enforced copyright laws. © Euromoney Institutional Investor PLC.

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