Stefanutti Stocks sells mining services units to reduce debt
CAPE TOWN - STEFANUTTI Stocks Holdings is selling its mining services division, comprising the materials handling and tailings management sub-divisions, but excluding the contract mining sub-division, for R80 million, the company said.
The purchaser, whose name was not disclosed, would pay cash. The deal formed part of the restructuring that Stefanutti was implementing, following the appointment of a restructuring team to formulate a turnaround programme for the group.
The restructuring also envisaged the securing of short term funding and the sale of non-core assets as well as the sale of certain divisions and subsidiaries.
The contract mining sub-division, which does not form part of the proposed transaction, provides open-pit mine services for clients, including design, planning and optimisation of mine plans, contract mining, crushing and screening, drilling and blasting and rehabilitation closure.
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