International stated a further, 36.56%, acquisition of interest in Optimum Coal, following unconditional approval by the South African competition authorities.

South African billionaire Cyril Ramaphosa and the commodities trading consortium now holds directly and indirectly, 67.77% of the issued share capital of Optimum Coal.

As the consortium is now in a position to exercise at least 35% of the voting rights attached to the ordinary shares of Optimum Coal, it is required, in terms of the South African Companies Act to make a mandatory offer to acquire the shares of all shareholders of Optimum Coal not already owned or controlled by the consortium.

The consortium plans to offer the remaining Optimum Coal shareholders R38 a share in cash.

According to Glencore director of the coal/coke commodity department Tor Peterson, “Optimum will add to our coal presence in South Africa and will be complementary to our Shanduka Coal joint venture and our investment in Umcebo.”

Optimum is South Africa’s sixth-largest coal producer and fourth-largest exporter of the commodity. It owns two operating mining complexes, both located in the Mpumalanga province. The firm operates South Africa’s third-largest opencast mine, bought from BHP Billiton in June 2008, which is capable of shipping 8.44m tons of coal.

“South Africa is an important producer to supply the growing Chinese and Indian markets, so we are delighted to add to our business in the country, with Ramaphosa as our partner,” Peterson added.

In 2011, Glencore tendered a bid £750m for Optimum Coal.

Glencore is also currently undertaking a $36-billion takeover of miner Xstrata, as well as Canada’s largest grain handler Viterra in a cash deal valued at C$6.1-billion.

Meanwhile, Optimum appointed the former ANC politician-turned-businessman, Mr Ramaphosa as nonexecutive director and chairperson of the board, succeeding Bobby Godsell, who resigned on Monday.