JOHANNESBURG (miningweekly.com) – Diversified miner Exxaro Resources is seeking shareholder approval to monetise its remaining stake in US mineral sands company Tronox.
Exxaro in October 2017 sold about 22.4-million Tronox shares for R6.5-billion, or about $474-million and, subsequently, declared a special dividend of R12.55 a share, which was paid to shareholders in March.
Exxaro still holds about 28.7-million shares in Tronox, which represents a beneficial interest of about 24%, with an estimated value of R5.7-billion, or $476-million, at a share price of $16.57 a share.
The diversified miner wants to dispose of all of its remaining Tronox shares.
It will use the proceeds from the sale of its interest in Tronox to focus on its core activities, to fund capital commitments, repay debt and pay distributions to shareholders.