12:01 GMT, Wednesday, 3 September 2008 13:01 UK
Arcelor targets South Africa mine
Arcelor Mittal, the world's largest steelmaker, is to develop a manganese mine in South Africa in a bid to secure access to raw materials.
Arcelor Mittal's latest deal is worth $432.5m (£243.8m).
Arcelor Mittal is setting up Kalagadi Manganese in partnership with Kalahari Resources and South Africa's state-run Industrial Development Corporation.
According to drilling tests, the mine is expected to yield sufficient good quality manganese for 20 years.
Arcelor will own a 50% stake in the newly-formed Kalagadi Manganese, set to open in 2010.
When added to certain kinds of steel, manganese helps as a reinforcing material.
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