NYSE-listed Tronox Holdings has bought back 14-million of its shares from South African coal miner Exxaro Resources for $200-million, or R2.9-billion, the companies confirmed on Thursday.
Tronox repurchased the shares at $14.32 a share.
As Exxaro’s holding in the mineral sands miner and processor has reduced to less than 10%, its CEO Mxolisi Mgojo, resigned from that company’s board.
Exxaro stated that the funds from the disposal of Tronox shares would be used to focus on core activities, fund capital commitments, repay debt and make distributions to shareholders.