Zululand Anthracite Colliery
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The Zululand Anthracite Colliery in South Africa is an underground anthracite mine operated by the Australian coal company, Riversdale Mining. Riversdale owns a 74% share in the project with the remainder held by its Black Economic Empowerment partner (BEE), the Maweni Mining Consortium.[1] In 2010 the mine produced approximately 645,000 tonnes a coal and employed 951 people.[2]
The mine was previously owned by BHP Billiton subsidiary Ingwe Collieries Limited. (Riversdale entered into an agreement to purchase the project in February 2005).[3]
In December 2010 Rio Tinto announced that they had offered $16 cash for each share in Riversdale Mining. In a media release the company stated that "acquisition provides Rio Tinto with a substantial tier one coking coal development pipeline in the emerging Moatize Basin in Mozambique, in line with Rio Tinto's strategy of developing large, long-life, low operating cost assets to grow shareholder value."[4] Subsequently, Rio Tinto confirmed that if they were successful with the takeover offer they would sell off Zululand Anthracite Colliery.[5]
Contents
2010 financial results
In its 2010 annual report Riversdale Mining stated that "Zululand Anthracite Colliery (ZAC) operating earnings before interest, income tax and non-controlling interests in the current year was $13.4 million, compared with $17.7 million in 2009. Increased sale volumes during the year were offset by higher mining costs, royalties, and depreciation."[6]
Articles and resources
References
- ↑ Riversdale Mining, "Zululand Anthracite Colliery ", Riversdale Mining website, accessed January 2011.
- ↑ Riversdale Mining, "Operating & Financial History", Riversdale Mining website, accessed January 2011.
- ↑ Riversdale Mining, Annual Report 2005, Riversdale Mining, September 2009, pages 5-6.
- ↑ Rio Tinto, "Recommended A$16 per share cash offer by Rio Tinto for Riversdale", Media Release, December 23, 2010.
- ↑ Jamie Freed, "Rio would sell mine in South Africa", Australian Financial Review, January 11, 2011, page 35. (Not available online).
- ↑ Riversdale Mining, "Annual Report 2010", Riversdale Mining, September 2010, page 15.
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