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Breakthrough in Essar deal
NewsDay Staff ·
THE $750 million Essar Africa deal for the takeover of Ziscosteel that could not be consummated due to legal challenges over iron ore mining claims, should now sail through after the Supreme Court on Tuesday ruled that the mineral reserves at Buchwa belong to Bimco, a subsidiary of Essar.
STAFF REPORTER
Bimco held the rights to iron ore claims for supply to Ziscosteel, before the Essar deal.
The Supreme Court ordered that the iron ore mining claims be transferred to Bimco, a move that will pave way for the operations of New ZimSteel, the successor company to Ziscosteel.
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