Bloomberg News

Petmin Declines the Most Since March on Mine Sale Veto

January 16, 2012

(Updates with closing share price in second paragraph)

Jan. 16 (Bloomberg) -- Petmin Ltd., South Africa’s largest anthracite coal miner, fell the most since March after South Africa’s Competition Commission overturned the sale of a mine.

The stock declined as much as 10 percent and closed 6.3 percent down at 2.68 rand in Johannesburg.

The Competition Commissioned disallowed the sale of the company’s 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 in a regulatory filing.

“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,” Petmin said.

--Editors: Peter Branton, Alex Nicholson

To contact the reporter on this story: Stephen Gunnion in Johannesburg at sgunnion@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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