ArcelorMittal Re-Enters Sishen Iron Ore Project

11 August 2010 (Last Updated August 11th, 2010 18:30)

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 acquisit

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.

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