| Type of matter | Parties involved | Tribunal Decision |
|---|---|---|
| Large merger | African Rainbow Minerals Limited And Nkomati Joint Venture | Approved without conditions |
The Competition Tribunal (“Tribunal”) has unconditionally approved the proposed merger wherein African Rainbow Minerals Limited (“ARM”) intends to acquire (i) the remaining participation interest in the Nkomati Joint Venture (“Nkomati JV” or “Nkomati Mine”); and (ii) an undivided ownership interest in certain mining rights held by the Nkomati JV. Following the implementation of the proposed transaction, ARM will exercise sole control over the Nkomati JV.
ARM, a publicly traded company which is listed on the Johannesburg Stock Exchange, has interests in subsidiaries and joint venture operations in the mining sector. Its operating companies and joint ventures mine and beneficiate iron ore, manganese ore, chrome ore, platinum group metals, nickel and coal. ARM also produces manganese and chrome alloys and has an investment in gold through its shareholding in Harmony Gold Mining Company Limited. The acquiring group, through ARM, is a diversified mining and minerals holding company with interests in long-life, low unit cost operations.
Nkomati JV is an unincorporated partnership between ARM and Norilsk Nickel Africa (Pty) Ltd (“NNA”). ARM and NNA each hold participation interest and undivided ownership interest in certain mining rights held by the Nkomati JV. The Nkomati Mine, located in Mpumalanga, holds two mining rights which provide for legal entitlement over the following minerals: nickel, copper, cobalt, platinum, palladium, rhodium, iridium, ruthenium, osmium, gold, silver and other contained minerals and metals. The mine is currently not operational and is under care and maintenance. Prior to it being placed under care and maintenance, the mine’s operations comprised an open-pit mining operation which fed two concentrators producing concentrate containing PGMs, nickel, copper and cobalt.
Issued by:
Gillian de Gouveia, Communications Manager
On behalf of the Competition Tribunal of South Africa
Cell: +27 (0) 82 410 1195
E-Mail: GillianD@comptrib.co.za
Twitter: @comptrib
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