Afrimat closes Coza buyout; starts production at Jenkins
Construction materials and industrial minerals supplier Afrimat reports that all conditions precedent to a sales share agreement to buy 100% of the issued ordinary shares of Coza Mining, totalling R300-million, have been fulfilled, making the transaction unconditional.
With the completion of the acquisition, Afrimat says production has started at the Jenkins mine, in the Northern Cape, which forms part of the Coza transaction.
Meanwhile, in terms of Afrimat’s 100% acquisition of Aquila Steel’s and Rakana Consolidated Mines’ Gravenhage manganese mining right and associated assets near Hotazel, in the Northern Cape, several conditions precedent have been fulfilled.
These include Competition Commission approval and approval by the Chinese State-owned Assets Supervision and Administration Commission of the State Council.
However, outstanding conditions precedent include approval in terms of Section 11 of South Africa’s Mineral and Petroleum Resources Development Act and the granting of a water-use licence.
All conditions precedent relating to the Gravenhage transaction must be fulfilled by no later than August 20, 2022.
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