Resources companies Anglo American and Kumba Resources on Thursday unveiled a massive black economic empowerment deal worth R9.2-billion, which will result in the creation of the country's largest black-owned, controlled and managed company.

Kumba Resources will be split into two companies — one will hold its iron ore interests (Kumba Iron Ore), while the other will become a black empowerment mining company (Newco).

Newco will have an enterprise value of approximately R16-billion, while Kumba Iron Ore will have an approximate enterprise value of R14-billion. The two companies could also list separately on the JSE.

Kumba said the deal will establish Newco as the country's flagship empowerment mining company, which will be controlled by broad-based BEE groups via BEE Holdco, the black controlled holding company holding 55 percent of Newco. Women's groups will hold a 17.8 percent effective and fully funded interest in BEE Holdco.

Anglo American will have a 66.2 percent stake in Kumba Iron Ore and a residual stake in Newco.

Anglo shares fell 2.89 percent to end at 184.50 rand on the JSE on Thursday, while Kumba shares fell 2.31 percent to end at 93 rand.

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