Anglo American completes sale of Namakwa Sands to Exxaro Resources
01 October, 2008
Anglo American announces the completion of the sale of its Namakwa Sands mineral sands operation to Exxaro Resources Limited (“Exxaro”) for a consideration of approximately ZAR2 billion (US$245 million).
Anglo American announces the completion of the sale of its Namakwa Sands mineral sands operation to Exxaro Resources Limited (“Exxaro”) for a consideration of approximately ZAR2 billion (US$245 million). Anglo American also announces the completion of the sale of its Black Mountain zinc, lead and copper operation and its Gamsberg zinc project to Black Mountain Mining Limited, a wholly-owned subsidiary of Anglo American, in which Exxaro is unconditionally obliged to acquire a 26% interest for approximately ZAR180 million (US$22 million).
Anglo American granted options over these interests to Exxaro as part of the unbundling of Kumba Resources Limited in November 2006 and those options were subsequently exercised.