Petmin Declines the Most Since March on Mine Sale Veto
Petmin Ltd. (PET), South Africa’s largest anthracite coal miner, fell the most since March after South Africa’s Competition Commission overturned the sale of a mine.
The stock declined as much as 10 percent and closed 6.3 percent down at 2.68 rand in Johannesburg.
The Competition Commissioned disallowed the sale of the company’s SamQuarz silica mine to Thaba Chueu Mining Pty Ltd. due to the strategic importance of SamQuarz as a supplier to the producers of ferrosilicon and silicon metal in South Africa, Petmin said in a regulatory filing.
“The board and management of Petmin, together with Thaba, are studying the Commission’s decision and considering their options in consultation with advisors and legal counsel,” Petmin said.
To contact the reporter on this story: Stephen Gunnion in Johannesburg at sgunnion@bloomberg.net
To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net
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