ArcelorMittal Announces Sale of 50% Interest in Kalagadi Manganese to Mrs Daphne Mashile-Nkosi or Her Nominee
ArcelorMittal and Mrs Daphne Mashile-Nkosi announced that a definitive agreement has been reached whereby Mrs Mashile-Nkosi, or her nominee (which may be a consortium consisting of some of the existing Kalahari Resources shareholders and / or other third parties), will acquire ArcelorMittal's 50% interest in Kalagadi Manganese. ArcelorMittal will receive a cash consideration of not less than ZAR 3.9 billion, which is approximately USD 447 million, on closing of a sale and purchase agreement (SPA). The SPA was executed on November 14, 2012, and on completion of the transaction Kalahari Resources will hold 40% interest in Kalagadi Manganese, Mrs Mashile-Nkosi, or her nominee, will hold 50% with the remaining 10% interest held by the Industrial Development Corporation of South Africa Limited.
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