September 12, 2008 – Evraz Group S.A. (LSE: EVR) (“Evraz”) announces that it has successfully completed the disposal of certain vanadium assets in South Africa.
In 2007, Evraz committed to procure the disposal as a condition to the approval by the European Commission and South African competition authorities of its acquisition of a majority interest in Highveld.
Under the agreements, Evraz sold Highveld’s Vanchem operations, its 50% shareholding in South Africa Japan Vanadium (Proprietary) Limited, as well as a non-dividend bearing equity interest in Highveld`s Mapochs Mine (Proprietary) Limited.
The disposal was implemented with effect from 29 August 2008.
The transfer of the assets of the Mapochs Mine from Highveld into Mapochs Mine (Proprietary) Limited remains subject to the conversion of the old order mining rights which Highveld holds in relation to the mine, and the consent of the Minister of Minerals and Energy for the transfer thereof.
In 2007, Evraz committed to procure the disposal as a condition to the approval by the European Commission and South African competition authorities of its acquisition of a majority interest in Highveld.
Under the agreements, Evraz sold Highveld’s Vanchem operations, its 50% shareholding in South Africa Japan Vanadium (Proprietary) Limited, as well as a non-dividend bearing equity interest in Highveld`s Mapochs Mine (Proprietary) Limited.
The disposal was implemented with effect from 29 August 2008.
The transfer of the assets of the Mapochs Mine from Highveld into Mapochs Mine (Proprietary) Limited remains subject to the conversion of the old order mining rights which Highveld holds in relation to the mine, and the consent of the Minister of Minerals and Energy for the transfer thereof.
No comments:
Post a Comment