Rio Tinto completes sale of ZAC mine
Menar operates and invests in South Africa through its controlling interest in Canyon Coal
RIO Tinto has officially handed over the reins of the Zululand Anthracite Colliery (ZAC) to Menar Holding.
The Anglo-Australian group on Friday announced it has completed the sale of its 74% stake in the underground coal mine outside Ulundi, but did not disclose the sum involved in the deal.
The remaining 26% of ZAC will continue to be held by its Broad-Based Black Economic Empowerment partner, Maweni Mining Consortium Pty Ltd.
ZAC produces some 500 000 tons per annum of premium quality anthracite for international and domestic customers and employs more than 1 350 employees and contractors.
Menar operates and invests in South Africa through its controlling interest in Canyon Coal, which owns three coal mines in Mpumalanga and other coal projects in Mpumalanga and Gauteng.
Rio Tinto and Menar first revealed they had reached a binding agreement for the sale of ZAC in February this year.
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