Bloomberg reported that Petmin Ltd, South Africa largest anthracite coal miner headed for the biggest drop in almost three years after South Africa Competition Commission overturned the sale of a mine.

The stock declined as much as 10%, the most since April 2009 on a closing basis and traded down 8% at 2.63 rand as of 4:02 PM in Johannesburg.

Petmin said The Competition Commissioned disallowed the sale of the company 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 “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.”

(Source from Bloomberg)