Merafe subsidiary buys stake in Glencore’s Unicorn subsidiary
Diversified miner Glencore has agreed to sell a 20.5% interest in Unicorn Chrome to a subsidiary of JSE-listed Merafe for R32.2-million.
The subsidiary, Merafe Ferrochrome and Mining, will gain access to Unicorn’s shareholding in a chrome concentrate producer that extracts chrome concentrate from a tailings stream in North West.
Merafe also considers Unicorn to be a valuable addition to its chrome interests.
The net asset value of Unicorn at the year ended February 29 was R21.2-million and it made a profit of R28.6-million for the year.
Merafe also confirms it has sufficient cash reserves to complete the acquisition and considers it as a long-term strategic investment that will place the company ahead of its peers from an operational perspective.
The acquisition is not subject to shareholder approval, but an independent professional expert from Tamela Holdings has confirmed that the terms of the acquisition are fair to shareholders.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation