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Exxaro concludes Mayoko disposal

30th September 2016

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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JOHANNESBURG (miningweekly.com) – Diversified resources group Exxaro Resources has concluded the exit of its Congo-based iron-ore assets.

The transfer of ownership of the Mayoko iron-ore project to Congolese company Sapro SA was concluded last week.

The JSE-listed South African group, which acquired the project in 2012, put the idled asset up for sale earlier this year following a commodity portfolio review and a number of internal and external commodity studies in 2015.

This followed a 2014 impairment of Mayoko as a result of the collapse of iron prices – a situation that is expected to continue.

In July, Exxaro entered an agreement with the Congolese consortium for the sale of shares of the legal entities that house the project for a purchase consideration of $2-million.

Edited by Creamer Media Reporter

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