London-listed Afarak Group is nearing the finalisation of the sale of its Ilitha plant, assets and mining right, in South Africa, to WMA Chrome Mining and WMA Minmet Processing for R400-million, or €23.8-million.
Ilitha is a South African company that owns the Stellite mine, located on the western limb of the Bushveld Complex.
South African company WMA will pay the purchase consideration in three tranches, the first of which is expected to be within 30 days from the date of signature, the second within 12 months and the third in instalments over five years.