- Write by:
-
Wednesday, February 24, 2021 - 6:29:27 PM
-
100 Visit
-
Print
Mining News Pro - Exxaro Resources has started a public offering for up to 17-million ordinary shares in Tronox Holdings.
Tronox, an integrated titanium dioxide pigment manufacturer, on February 23 exercised its “flip-in” call option over Exxaro’s 26% shareholding in Tronox’s South African subsidiaries.
In exchange, Tronox is delivering to Exxaro about 7.2-million newly-issued Tronox ordinary shares.
Exxaro in a transaction undertaken in 2012 contributed part of its mineral sands operations to Tronox in exchange for Tronox shares, whereby Exxaro and Tronox granted each other a “flip in” right such that, following the occurrence of certain events, Tronox or Exxaro could exercise its option to exchange Exxaro’s 26% shareholding in Tronox’s South African operating subsidiaries for an additional 7.2-million Tronox shares.
With these additional Tronox shares, Exxaro owns about 22-million Tronox shares, which represents about 14.6% of Tronox’s total outstanding voting shares.
If the public offering is completed, Exxaro’s ownership in Tronox would be reduced to about five-million shares, or 3.3% of Tronox’s total outstanding voting shares.
The proposed transaction and potential subsequent disposals are in line with Exxaro’s stated strategy to monetise its stake in Tronox over time in the best possible manner taking into account prevailing market conditions.
The funds from the proposed disposal of Tronox shares will be used to repay debt, invest in renewable energy projects and make distributions to shareholders in accordance with Exxaro’s capital allocation framework
Short Link:
https://www.miningnewspro.com/En/News/611558/

معدن نیوز - Australian miner Lynas Rare Earths posted a 20.6% rise in revenue in the March quarter as selling prices for ...

معدن نیوز -Funds continue to reduce their long exposure to the copper market even as the bull clamour for higher prices ...

معدن نیوز -A new report by Wood Mackenzie states that China’s march towards carbon neutrality is forcing its aluminium ...

معدن نیوز -Turquoise Hill Resources said on Tuesday the Oyu Tolgoi mine in Mongolia had partially resumed shipments to ...

معدن نیوز -Vale SA has inked a deal to acquire Mitsui & Co’s stake in the Moatize metallurgical and thermal coal mine ...

معدن نیوز -Canada’s Alamos Gold is seeking to obtain more than $1 billion from Turkey for what it deems as “unfair and ...

Mining News Pro - The Mining Association of Canada (MAC) has welcomed several expanded and refined measures proposed in ...

Mining News Pro - The world’s second-largest producer of iron-ore just gave another boost to rallying prices of the ...

Mining News Pro - The world’s top two iron-ore miners struggled to keep up with strong Chinese demand in the first ...
No comments have been posted yet ...