With Kumba Iron Ore having been granted full mining rights for Sishen mine after a lengthy battle, the company is a more attractive prospect for potential buyers - and parent Anglo American now has one less issue to deal with as it prepares the business for sale. Kumba shares rose 6.5%, the highest since early September, after the news on Thursday that the Department of Mineral Resources had awarded it the 21.4% residual mining right on Sishen mine in the Northern Cape, after an eight-year battle. This residual mining right will be included in the 78.6% Sishen mining right that Sishen Iron Ore Company successfully converted in 2009. The company has an ongoing tax issue with the SA Revenue Service over a R1-billion additional tax liability in 2011 and R5.5-billion for the previous five years, although Anglo said it was not worried that the tax issue would affect a sale. "We don't believe that the letter of findings received from SARS in relation to the 2011 tax year will affect or st...
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