Deals
African Rainbow Mulls Kumba Iron Ore Bid as Anglo Plans Exit
- Company also sees `low-hanging fruits' in platinum, copper
- Seeks to save costs by combining overheads with nearby mines
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African Rainbow Minerals Ltd., the diversified mining company controlled by South African billionaire Patrice Motsepe, said it may consider a bid for Kumba Iron Ore Ltd., the company that Anglo American Plc wants to exit.
Even if African Rainbow and its iron-ore venture partner Assore Ltd. decide against a possible purchase of Kumba, the company will seek to save costs by combining overheads with the Anglo unit, because many of their operations are located near one another in South Africa’s Northern Cape province, Chief Executive Officer Mike Schmidt said on Friday.