The Kumba Iron Ore and DMR saga

The Kumba Iron Ore and DMR saga continues and will go the distance in the courts. The feeling here is that the government wants to make sure that some connected parties make money out of this deal. And by that I mean the benefactors of Imperial Crown Trading. It is too ugly to even think that everyone would just shrug their shoulders. Seems like one of the best gains in the short term in South African history and basically the value swap at the expense of public shareholders. Why no heads rolled at Arcelor Mittal in a more timeous fashion is beyond me.




The states view according to a couple of publications that I have read seem to suggest that Kumba Iron Ore was deceptive in not telling their "partner" Arcelor Mittal about the expiration of their old order right, and the need to renew. Yeah, well, I feel exactly the same way about Imperial Crown Trading, no mining skills, politically connected and messing with the official documents. Sounds deceptive to me too.



Now, if the Department of Mineral Resources (DMR) is suggesting that Kumba Iron Ore must provide the same cost plus three agreement to Imperial Crown Trading, at what price will ICT sell this iron ore to Arcelor Mittal. Or, if after Arcelor Mittal have paid a bomb for ICT, it is back to normal, as you were. I think that is what is trying to be achieved here by the ICT guys. And why not, if government is fine with this, the people have spoken. Excuse my bluntness this morning, I was sick as a dog all night. But check this out and let me know what you think ---> S.Africa may ask for low-price iron ore deal: paper