Framework Investments Limited, a subsidiary of the LSE-listed Kermas Group, would hold the balance of the equity in Veremo.

Petmin said it had settled the balance of its obligations in terms of the transaction through the payment of R4,3-billion cash and the issue of about seven-million new Petmin ordinary shares.

The company said it had applied for the shares to be admitted to trading on the JSE and Aim, which was expected to be on May 30.

In November last year when the company first announced the acquisition, Petmin reported that Kermas would fund and manage the construction and commissioning of an integrated plant to produce 700 000 t/y of pig iron and titanium-bearing slag, with Petmin receiving a dividend.

The mine, which was estimated to have a life-of-mine in excess of 50 years, would produce in the region of as much as 2,5-million tonnes of run-of-mine ore a year.

Kermas owns world number-two ferrochrome producer Samancor Chrome, which has operations in South Africa.

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