Afarak agrees to buy South African chrome mine
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...