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Imperial Crown makes quick buck
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Friday, 13 Aug 2010

It is reported that Imperial Crown Trading will go down in history for turning the quickest and easiest buck after acquiring a 21.4% stake in Kumba Iron Ore's mine at Sishen for virtually nothing and selling it five months later for ZAR 800 million.

ICT was granted prospecting rights for iron ore at Kumba's mine at Sishen after ArcelorMittal South Africa failed to apply for the mining rights. It is now selling the rights back to ArcelorMittal.

ArcelorMittal SA paid ZAR 2.8 billion for the 21.4% stake in the Sishen mine at the unbundling of Iscor in 2001. ICT literally came out of the blue to be awarded the rights, and its extraordinary luck could come from being linked to the ruling ANC government.

ICT's board also includes Mr Mabelindile Luhlabo and Mr Prudence Zerah Mtshali. Mr Mtshali previously held an administrative job at ANC headquarters Luthuli House, and holds a number of directorships of private companies.

Mr Susan Shabangu mining minister of South Africa is on record confirming to Parliament that 50% of ICT was held by Mr Jagdish Parekh, an executive of a group of companies controlled by the Gupta brothers, friends of President Mr Jacob Zuma.

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