Afrimat, the listed open-pit mining group and industrial minerals and construction materials supplier, has acquired the remaining 40% stake in Diro Resources that it does not already own.
The company said yesterday that it had concluded a sale of shares and claims agreement with the minorities of Diro to acquire the remaining stake in the company effective from August 15.
The acquisition follows Afrimat in July this year finalising the agreement to purchase 60percent of Diro together with a cession and delegation agreement with Investec.
Diro Iron Ore and Diro Manganese are holders of mining rights which permit the mining of manganese ore and iron ore in a mining area situated in the magisterial district of Kuruman in the Northern Cape.
Afrimat said in November that it believed its entry into the iron ore sector through the purchase of a 60% shareholding in Diro Manganese and Diro Iron Ore for R276m would provide the group with further opportunity to diversify into different foreign exchange currencies. Diro Manganese had filed a notice of substantial implementation of its business rescue plan with the Companies and Intellectual Property Commission to confirm it had exited business rescue effective from August 11.
- BUSINESS REPORT