ArcelorMittal Gets $450M To Exit S. African Mine Venture

Law360, New York (November 15, 2012, 8:24 PM EST) -- ArcelorMittal SA, the world's largest steelmaker, on Wednesday walked away from a South African manganese mining operation it had been steering toward bankruptcy, instead inking an approximately $450 million deal to transfer its half of the mining company to the project's founder.

Daphne Mashile-Nkosi, chairwoman of South Africa's Kalahari Resources Pty. Ltd., which already owns 40 percent of the manganese miner known as Kalagadi Manganese Pty. Ltd., will soon have personal control over another 50 percent of the company, according to a joint statement Mashile-Nkosi and...
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