[miningmx.com] – JOHANNESBURG-listed commodity trading company, Metmar, said headline losses for the year ended February increased to R174m from R47m previously as the metals and minerals market continued to deteriorate.
Metmar said there was reduced demand and persistent low global economic growth which resulted in a number of write-downs in the business. However sinter tolling at the Kalagadi manganese facilities and soft commodity growth boosted turnover.
The company is subject to a takeover from Traxys, a commodities trader, which has bid R1,10 per share for the business.
A circular to shareholders with the details of the offer will be mailed on or about June 1 and a general meeting of shareholders to vote thereon is scheduled for July 2.
