COAL TRADING JOINT VENTURE

Energy trader, Vitol Group, has acquired a 35% stake in the Grindrod company which owns the Maputo coal terminal concession.
in addition Vitol and Grindrod have entered into a partnership (65% Vitol / 35% Grindrod) to combine their respective sub Saharan coal trading businesses. The USD67.7 million deal came into effect on 1 January 2012. Grindrod was awarded the concession to operate this terminal known as Terminal de Carv√£o da Matola (TCM) until 2033 with an option to extend the concession for a further 10 years. To date USD70 million has been invested in the refurbishment and building of infrastructure expanding the capacity of the terminal to 6 million tons per annum. The transaction is subject to approval from the Mozambican government.