https://www.miningweekly.com
Energy|Projects|Renewable Energy|Renewable-Energy|Resources|Operations
Energy|Projects|Renewable Energy|Renewable-Energy|Resources|Operations
energy|projects|renewable-energy|renewable-energy-company|resources|operations

Exxaro puts some Tronox shares up for sale

24th February 2021

By: Marleny Arnoldi

Deputy Editor Online

     

Font size: - +

JSE-listed diversified miner Exxaro Resources has started a public offering for up to 17-million ordinary shares in NYSE-listed Tronox Holdings.

Tronox, an integrated titanium dioxide pigment manufacturer, on February 23 exercised its “flip-in” call option over Exxaro’s 26% shareholding in Tronox’s South African subsidiaries.

In exchange, Tronox is delivering to Exxaro about 7.2-million newly-issued Tronox ordinary shares.

Exxaro in a transaction undertaken in 2012 contributed part of its mineral sands operations to Tronox in exchange for Tronox shares, whereby Exxaro and Tronox granted each other a “flip in” right such that, following the occurrence of certain events, Tronox or Exxaro could exercise its option to exchange Exxaro’s 26% shareholding in Tronox’s South African operating subsidiaries for an additional 7.2-million Tronox shares.

With these additional Tronox shares, Exxaro owns about 22-million Tronox shares, which represents about 14.6% of Tronox’s total outstanding voting shares.

If the public offering is completed, Exxaro’s ownership in Tronox would be reduced to about five-million shares, or 3.3% of Tronox’s total outstanding voting shares.

The proposed transaction and potential subsequent disposals are in line with Exxaro’s stated strategy to monetise its stake in Tronox over time in the best possible manner taking into account prevailing market conditions.

The funds from the proposed disposal of Tronox shares will be used to repay debt, invest in renewable energy projects and make distributions to shareholders in accordance with Exxaro’s capital allocation framework.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Aqs image
AQS Liquid Transfer

AxFlow AQS Liquid Transfer (Pty) Ltd is an Importer and Distributor of Pumps in Southern Africa

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

PGMs and green hydrogen make headlines
PGMs and green hydrogen make headlines
19th April 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:0.129 0.167s - 109pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: