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Article: South Africa: OM to Buy A$245 Million Stake in Manganese Project.
- Article from:
- TendersInfo
- Article date:
- September 30, 2009
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OM Holdings Ltd. agreed to buy a A$245 million ($211 million) stake in a manganese project in South Africa from a group including Brian Gilbertson s Pallinghurst Resources Ltd. to supply Chinese markets.
OM will sell 139.9 million shares to five investors for a 49 percent stake in the project, the Singapore-based company said today in a statement to the Australian stock exchange. OM will also pay A$49.2 million in cash for a 20 percent stake in Ntsimbintle Mining (Proprietary) Ltd., one of the five investors.
The $200 million Tshipi Kalahari Manganese project will increase OM s capacity to supply to China, which consumes about half the world s manganese, ...