Metorex offloads Cons Murch to Swanepoel’s investment vehicle
- Publishing Date
- 06 Sep 2010 1:12pm GMT
- Author
- Mining Journal
Metorex Ltd, the Congo focussed copper producer, has completed a process of selling non-core assets with the sale of its Consolidated Murchison (Cons Murch) antimony mine to Bernard Swanepoel’s To The Point Growth Specialists Ltd.
The company has also agreed to recapitalise the mine by providing R51 million (US$7 million) and To the Point will commit another R20 million of its own funds.
Terence Goodlace, Metorex chief executive, said: The re-capitalisation and socially responsible disposal of Cons Murch represents a final step in Metorex’s strategy to re-focus operationally as a base metals company.”
Existing employees will receive a 26% stake in the mine through a black economic empowerment trust.
The South African asset will be sold for a notional R1 and Metorex will transfer R25 million from its rehabilitation fund to the mine and has agreed to add a further R15 million towards the fund.
Bernard Swanepoel is the former chief executive of Harmony Gold Mining Company Ltd.
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