South African minsands producer Exxaro Resources said on Monday that it would sell all its mineral sands assets to US producer Tronox in return for a 38.5% stake in its newly-formed company.
Under the agreement, Tronox will acquire all of Exxaro’s minsands operations which include Exxaro's 50% interest in the Tiwest JV with Tronox in Western Australia, along with 74% of its KZN Sands and Namakwa Sands operations in South Africa respectively.
The deal is expected to be finalised in H1 2012....