Kumba to get Namakwa Sands

JOHANNESBURG – South Africa’s Kumba Resources is in talks with majority owner Anglo American Plc over a potential black economic empowerment (BEE) deal that may lead to the acquisition of Anglo’s Namakwa Sands mineral sands operation, it said on Friday.

Kumba, the country’s biggest iron ore producer, said the aim was to merge South African Namakwa with its own majority-owned mineral sands unit, Tico Ltd of Australia. Kumba said the BEE transaction may lead to a wider restructuring of the group, but gave few details.”We are working together with Anglo to put in place a BEE deal for Kumba in its entirety,” Investor Relations Manager Trevor Arran told Reuters.The talks with Anglo include an option to acquire Namakwa at fair market value, which is conditional on a BEE transaction being successfully completed.Mineral sands comprise titanium minerals – rutile and ilmenite – plus zircon and monazite.Some uses include in televisions, electronics, X-ray screens and pigments.Kumba also released a prospectus on Friday for its previously announced offer to buy the Ticor shares it does not already own for around A$224 million.Ticor shareholders will meet on October 26 to consider the offer by Kumba, which already has a 51,5 per cent stake in Ticor.- Nampa-ReutersKumba said the BEE transaction may lead to a wider restructuring of the group, but gave few details.”We are working together with Anglo to put in place a BEE deal for Kumba in its entirety,” Investor Relations Manager Trevor Arran told Reuters.The talks with Anglo include an option to acquire Namakwa at fair market value, which is conditional on a BEE transaction being successfully completed.Mineral sands comprise titanium minerals – rutile and ilmenite – plus zircon and monazite.Some uses include in televisions, electronics, X-ray screens and pigments.Kumba also released a prospectus on Friday for its previously announced offer to buy the Ticor shares it does not already own for around A$224 million.Ticor shareholders will meet on October 26 to consider the offer by Kumba, which already has a 51,5 per cent stake in Ticor.- Nampa-Reuters