Shareholders of JSE-listed Metorex would meet on December 21 to vote on the sale of a 55% stake in fluorspar producer Vergenoeg Mining to Spanish company Minerales Y Productos Derivados (Minersa), for $60-million.
The proceeds from the proposed sale would be used to repay debt on its Ruashi copper mine, in the Democratic Republic of Congo.
Metorex recommended that its shareholders approve the deal, saying that independent expert Venmyn had considered the terms of the transaction and was of the opinion that the deal was fair to shareholders.
Minersa already owned a 30% stake in the project, while Metorex had sold a 15% interest in Vergenoeg Mining to a consortium of black investors in July this year.
Source: Mining Weekly
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