ArcelorMittal Re-Enters Sishen Iron Ore Project
ArcelorMittal South Africa has re-entered Africa's biggest iron ore mine, the Sishen project, by acquiring Imperial Crown Trading (ICT), which owns a stake in the mine.
the company has invested R800m ($110m) in the acquisition, according to the Financial Times.
The acquisition takes place in the midst of a dispute with Anglo American subsidiary Kumaba Iron Ore, which owns 78.6% of the mining rights in Sishen.
The dispute revolves around ArcelorMittal receiving iron ore from Kumba after the former's mining rights at Sishen lapsed in April.