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Thabazimbi mine to be transferred to ArcelorMittal

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Johannesburg - Sishen Iron Ore (a subsidiary of Kumba Iron Ore) and ArcelorMittal SA (AMSA) announced on Thursday that they have entered into an agreement to transfer Thabazimbi mine to AMSA.

Until 2014 Thabazimbi was a captive mine owned and run by Sishen Iron Ore, but supplying ore exclusively to and funded by AMSA. As a result AMSA is accountable for 96% of the mine's current rehabilitation liability, with Sishen Iron Ore responsible for the site's management and the remaining liability.

The transfer would simplify this arrangement by making AMSA solely responsible for Thabazimbi's closure and rehabilitation. Mining operations at Thabazimbi ceased on 1 September 2016. The identified assets and liabilities of the mine will be transferred at a purchase consideration of R1 plus the assumed liabilities.

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