South Africa: Rio Tinto sells 74% stake in ZAC to Menar Holding
Monday, 05 September 2016 16:18
Last modified on: 05 September 2016 16:20
(Ecofin Agency) - Anglo-Australian group Rio Tinto has successfully sold its 74% stake in the Zuzulan Anthracite Colliery (ZAC) Mine in South Africa to Menar Holding for an undisclosed amount.
Rio Tinto said its remaining stake (26%) in the mine will remain in the hands of its partner Maweni Mining Consortium, which is owned by the black community as part of the Black Economic Empowerment initiative.
Situated in the Northern part of Kwazulu-Natal, ZA C is an underground mine that provides high quality anthracite to nationals and international buyers.
Menar Holding is popular for its experience in terms of exploitation and investment in South Africa via its majority stake in Canyon Coal which owns multiple coal mines at Mpumalanga and Gauteng.
Louis-Nino Kansoun
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