REHABILITATION
SIOC transfers Thabazimbi iron mine to ArcelorMittal
ArcelorMittal SA CEO Wim de Klerk sees supply and jobs potential but an analyst doubts the unprofitable mine will restart in the near future
ArcelorMittal SA will take full management control of the processes and costs related to the rehabilitation of the Thabazimbi mine in Limpopo, to be transferred by the Sishen Iron Ore Company (SIOC) in April. If the conditions are not satisfied by April 28 2017 — or a later date agreed to by the companies — the agreement will lapse and SIOC will proceed with the closure of the mine. The country’s biggest steel maker says the transfer is in line with its strategy to manage costs more efficiently in "what is a particularly difficult time for the local steel industry". "In addition we will investigate the feasibility of different options to possibly restart operations at the mine to supplement the company’s sources of iron ore and with the potential of job creation," said ArcelorMittal SA CEO Wim de Klerk. But Charl de Villiers, equity analyst and portfolio manager at Sanlam Investments, said on Thursday he did not expect anything significant to happen in restarting the mine in the nea...
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