Exxaro previously disposed of a R5.9 billion stake and plans to further disinvest from the US company.
Exxaro Resources has said that it intends to dispose of what’s left of its stake in Tronox, a US titanium products company. This to fund capital commitments, repay debt and distribute capital to shareholders, the SA miner has said.
Exxaro, which holds 28.7 million shares in Tronox, last year disposed of 22.4 million shares in the US company, valued at R5.9 billion ($474 million). According to Exxaro, its remaining stake is valued at around $476 million, assuming a share price of $16.57 per share.
Exxaro said in a statement that, over time, it intends to further disinvest from its remaining 24 percent stake in a “thoughtful, efficient and staged process.”
Pictured: Exxaro Resources FD, Riaan Koppeschaar