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Exxaro Resources Limited, South Africa's largest coal and heavy minerals mining company, has announced that through its wholly-owned subsidiary Exxaro Base Metals and Industrial Minerals Holdings, that the company has completed the disposal of its entire 50.04% shareholding in Rosh Pinah Zinc Corporation Limited to wholly-owned subsidiaries of Glencore International plc.
The transaction, which has an effective date of 1 June, 2012, remains subject to a final adjustment for net debt and working capital changes, but currently has a selling price of R931 million.
Sipho Nkosi, Exxaro's Chief Executive Officer, said, "The divestment of Exxaro's interest in Rosh Pinah forms part of our strategic plan to divest from our zinc assets, a decision made in the context of the difficult conditions of the zinc market, including its cyclical nature, low margins, the significant impact of the exchange rate and higher electricity costs.
Situated in south-western Namibia, 800km south of Windhoek, The Rosh Pinah mine recorded 89,000 tonnes of zinc concentrate production and 16,000 tonnes of lead concentrate throughout 2011.
Exarro is still continuing to see appropriate buyers for further assets its holds which include 26% of Black Mountain, which owns the Black Mountain zinc and lead mine and the Gamsberg zinc project in the Northern Cape, as well as an effective 22% interest in the Chifeng zinc smelter in China.
For more information on mining in South Africa, see the latest research: South Africa Mining Report
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