South Africa’s African Rainbow Minerals (Arm) has secured its deal with the huge Companhia Vale do Rio Doce (Vale) of Brazil to work together in Africa and Arm’s former African exploration company, Teal, is to delist.

Arm last week announced the completion of the transaction to acquire the shares held by minority shareholders in Teal and the simultaneous introduction of Vale as a 50% strategic joint venture (JV) partner.

The two would jointly develop and operate Teal’s assets, while Teal applied to be delisted from the TSX and the JSE. Teal would also apply to terminate its reporting issuer status in Canada.
Arm, which had begun to consolidate 50% of Teal’s financial results proportionately, said that it remained committed to growing its copper business in Africa.

“This new JV, with a partner of the stature of Vale, brings significant value to all stakeholders,” said Arm CEO Andre Wilkens.

Teal reported that Arm and Vale each now held 50% of Teal Minerals (Barbados) Inc, which held Teal’s former assets and liabilities.

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