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Print[Ferro-Alloys.com] It's reported that South Africa's Kalahari Resources wants to buy the world's biggest steel producer ArcelorMittal out of a ZAR 6.5 billion manganese project in which they are both shareholders.
The project is housed by Kalagadi Manganese (Pty) Ltd, a company that is held by ArcelorMittal (50%), Kalahari Resources (40%) and the Industrial Development Corporation (10%).
The gulf between Kalahari and ArcelorMittal was revealed from a disagreement over the construction of a smelter to produce ferromanganese ore at Coega.
The South Gauteng High Court ruled in favor of Kalahari last month‚ ordering ArcelorMittal to pay ZAR 241 million and to comply with its obligations in shareholders' agreement but ArcelorMittal applied for leave to appeal and has not made the payment.
ArcelorMittal has not given up the project‚ which will deliver up to 3 million tons of sintered manganese a year, and claimed that it is not the first time the prospect of a split has been raised.
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