ArcelorMittal sells stake at South African manganese miner

Steelmaking giant ArcelorMittal said it is selling its 50% stake in South African miner Kalagadi Manganese to British-based Kalahari Resources for US$ 447 million. The deal will boost the latter’s share at Kalagadi to 90% from 40%, with the balance in hands of South Africa’s Industrial Development Corporation. Early this year, relations between ArcelorMittal and Kalahari broke down, with the steelmaker alleging a lack of corporate governance on the part of Kalagadi. The deal will probably put an end to the battle.