DMR approves Lesedi mining right transfer to Samancor Chrome
JOHANNESBURG (miningweekly.com) – The Department of Mineral Resources has approved the transfer of the Lesedi mining right from South African subsidiary International Ferro Metals Limited (IFMSA) to Samancor Chrome, London-listed International Ferro Metals (IFM) said on Thursday.
Once registration of the cession of the Lesedi mining right gets under way at the Mineral and Petroleum Titles Registration Office, a process that takes four to eight weeks, a R140-million purchase consideration will become payable by Samancor.
“The proceeds will be distributed to creditors of IFMSA in accordance with the amended business rescue plan,” IFM said, pointing out that it was not likely that IFM’s shareholders would receive any distribution from the conclusion of the business rescue process.
Further, the conditions are in the process of being fulfilled for the remaining transaction – the sale of IFM’s 80% equity interest in Sky Chrome Mining for R100 and IFMSA’s claims against Sky Chrome for R70-million.
“The outstanding conditions include obtaining regulatory approvals, specifically Ministerial approval for the transfer of the Sky Chrome mining right and consents of other parties to certain material contracts, which are usual for transactions of this nature,” IFM stated.
IFM entered into business rescue in August 2015 after falling into financial distress, owing to deteriorating business conditions. It subsequently agreed to sell its IFMSA subsidiary to Samancor.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
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