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Afarak agrees to buy South African chrome mine

By IM Staff
Published: Thursday, 28 September 2017

Afarak Group has agreed in principle to buy a 70% stake in Zeerust Chrome Mine (ZCM) from Afrika Mineral Trading & Investment Trust through its South African subsidiary Afarak Mining Ltd for R20 million ($1.52 million).

The other 30% interest in ZCM will be allocated to workers, the community and other black economic empowerment partners, according to a statement from London Stock Exchange-listed Afarak. A 15,000 tpm processing plant will be acquired as part of the deal, which will be completed within twelve months. "Afarak specifically targeted ZCM...

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