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JSE-listed Chrometco has entered into conditional agreements with commodity trading company Sail Minerals that will result in Sail acquiring just less than 90% of Chrometco.
In return, Chrometco will receive cash, a controlling stake in two fully financed chrome projects and a stake in Sail.
Sail recently concluded the acquisition of two chrome assets on the eastern and western limbs of the Bushveld Igneous Complex.
Sail provided and will continue to provide all funding required for the development of both chrome projects.
Production is expected to begin imminently and the projects have the joint capability to produce up to one-million tons of high-grade chrome ore a year.
The combined transaction is still conditional upon Ministerial consent from the Department of Mineral Resources, the JSE, other regulatory bodies and shareholders.
By joining the respective strengths of Sail and Chrometco, as well as the potential of two chrome projects, the new entity will be well placed to become a significant player in the chrome market.
Chrometco will continue to update stakeholders via regular Stock Exchange News Service announcements.
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- [Editor:sunzhichao]
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