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.