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Exxaro to list New Tronox in New York

South African diversified miner Exxaro said on Monday it would list New Tronox, its $3.4 billion paint-making ingredient joint venture, on the New York Stock Exchange next week.

Exxaro, whose main focus is the production of coal, said last year it would sell its mineral sands operations to US-based pigment producer Tronox for a 38.5 percent stake in the new entity.

Traders work on the floor of the New York Stock Exchange in this file picture. Credit: Reuters

The company said the deal was expected to close on June 15 and it would then list shares of New Tronox on the New York Stock Exchange on June 18.

Exxaro said Tronox would employ about 3,500 people in 16 countries, including the United States, South Africa, Australia and the Netherlands.

Mineral sands include titanium dioxide feedstock, which is used to make paint, and zircon, needed to produce ceramic tiles.

In a separate deal, Exxaro said it had completed the sale of its 50.04 percent stake in the Rosh Pinah zinc and lead mine in Namibia to commodities trader Glencore for 931 million rand ($110 million).

Exxaro has said it wanted to exit the zinc business and focus on more lucrative parts of its operations such as coal and iron ore. - Reuters

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