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Petmin Company raises its stake in NAIC

August 17 2012 at 08:00am

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Petmin increased its stake in the North Atlantic Iron Corporation (NAIC) from 17 percent to 22.5 percent based on the project’s technical and economic viability, the company said yesterday. JSE-listed Petmin has joint management control of NAIC, which is developing an iron sands to pig iron project in Canada’s Labrador province. Petmin has an earn-in option to acquire up to 40 percent of NAIC for a total of $25 million (R205m), plus a further option to acquire an additional 9.9 percent at a market-related price. At June 30, Petmin’s investment was $6.5m for 17 percent of NAIC and it has recently invested a further $4.5m for an additional 5.5 percent, taking its holding in NAIC to 22.5 percent. Petmin shares were unchanged at R2.32 at the close of trade yesterday, after hitting a session high of R2.40. – Staff reporter


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