Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Kazakhstan’s government plans to take over ArcelorMittal’s local unit by the end of November and has no plans to resell it to foreign investors afterwards, Kazakh Industry Minister Kanat Sharlapayev said on Tuesday.
Sharlapayev told reporters the government would not spend money from the budget on the deal, but did not say how much Kazakhstan was going to pay for the Temirtau steel mill or how it would finance the takeover.
He said both sides agreed preliminary terms for the deal on Oct. 22, just days before an explosion and fire at the mine killed 46 people.
ArcelorMittal has confirmed plans to transfer ownership of the Temirtau steel mill – and mines that supply it with coal – to the Kazakh government.
(By Tamara Vaal and Olzhas Auyezov; Editing by Sonali Paul and Simon Cameron-Moore)
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