https://www.miningweekly.com
Business|Mining|Resources|Operations
Business|Mining|Resources|Operations
business|mining|resources|operations

Exxaro completes Tronox divestment

18th February 2019

By: Simone Liedtke

Creamer Media Social Media Editor & Senior Writer

     

Font size: - +

Diversified miner Exxaro Resources on Monday confirmed that NYSE-listed mining and inorganic chemicals company Tronox has completed the first stage of its redomiciliation, whereby it has acquired Exxaro’s remaining ownership interest in Tronox Sands for just over R2.06-billion, or about $148-million.

Exxaro in 2012 merged its mineral sands operations with those of Tronox Sands and initially held about 38.5% of the merged entity. In 2017, it sold about 22.4-million Tronox Sands shares for about R6.5-billion.

It announced in April 2018 that it planned to sell its remaining interest in Tronox to focus on its core activities, fund capital commitments, repay debt and pay distributions to shareholders.

Tronox, meanwhile, is redomiciling to the UK, from Australia.

It said in November 2018 that the redomiciling would provide the Tronox board with greater authority and flexibility to undertake share repurchases than under Australian law and would eliminate the current dual-class share structure and, consequently, the requirement for certain matters to be approved by both classes voting separately.

It would also align Tronox’s jurisdiction of incorporation with its peers and the majority of other non-US companies listed on the NYSE and enable Tronox to create an organisational and legal structure that more efficiently manages a global business.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

AutoX
AutoX

We are dedicated to business excellence and innovation.

VISIT SHOWROOM 
Yale Lifting Solutions
Yale Lifting Solutions

Yale Lifting Solutions is a leading supplier of lifting and material handling equipment in Southern Africa. Yale offers a wide range of quality...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.116 0.149s - 92pq - 2rq
Subscribe Now