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Xstrata and African Rainbow Minerals establish a new black controlled coal company.

Publication: M2 Presswire
Publication Date: 28-FEB-06 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
M2 PRESSWIRE-28 February 2006-Xstrata plc: Xstrata and African Rainbow Minerals establish a new black controlled coal company(C)1994-2006 M2 COMMUNICATIONS LTD

RDATE:28022006

Xstrata plc ("Xstrata") announces that it has concluded an agreement with African Rainbow Minerals Limited ("ARM"), to establish a new black controlled company, ARM Coal, to be 51% owned by ARM and 49% by Xstrata. The transaction will have a value of ZAR2.4 billion (US$387 million) and introduces meaningful and sustainable black economic participation in Xstrata's South African coal business. ARM is listed on the Johannesburg Stock Exchange and is controlled by historically disadvantaged South Africans (HDSAs). In addition, ARM is in the process of forming a broad-based black economic empowerment trust, which will own 14% of ARM (with...



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