Tribunal approves ARM’s buyout of remaining Nkomati JV stake
The Competition Tribunal has unconditionally approved African Rainbow Minerals’ (ARM’s) proposed transaction to acquire the remaining participation interest in the Nkomati joint venture (JV) and an undivided ownership interest in certain mining rights held by the Nkomati JV.
Following the implementation of the proposed transaction, ARM will exercise sole control over the Nkomati JV.
ARM, a publicly traded company listed on the JSE, has interests in subsidiaries and JV operations in the mining sector.
Its operating companies and JVs mine and beneficiate iron-ore, manganese ore, chrome ore, platinum group metals (PGMs), nickel and coal. ARM also produces manganese and chrome alloys and has an investment in gold through its shareholding in Harmony Gold Mining Company.
The acquiring group, through ARM, is a diversified mining and minerals holding company with interests in long-life, low-unit-cost operations.
Nkomati JV is an unincorporated partnership between ARM and Norilsk Nickel Africa (NNA). ARM and NNA each hold participation interest and undivided ownership interest in certain mining rights held by the Nkomati JV.
The Nkomati mine, located in Mpumalanga, holds two mining rights which provide for legal entitlement over nickel, copper, cobalt, platinum, palladium, rhodium, iridium, ruthenium, osmium, gold, silver and other contained minerals and metals.
The mine is currently on care and maintenance.
Prior to being placed under care and maintenance, the mine’s operations comprised an openpit mining operation which fed two concentrators producing concentrate containing PGMs, nickel, copper and cobalt.
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