Assore inks R450m Dwarsrivier agreement

[miningmx.com] – ASSORE had entered into a definitive agreement with African Rainbow Minerals (ARM) for the R450m purchase of the Dwarsrivier chrome mine, the company said today in an announcement to the JSE.

Dwarsrivier is owned by Assmang, a company in which Assore and ARM have a 50% share each. As a result, Assore will be buying ARM’s half of the project. It would also refund capital investment in the operation made by ARM from July 2004 to the time of transaction completion up to a maximum of R800m.

“Having participated in the ownership of Dwarsrivier, through Assmang, Assore believes that the rransaction offers it an opportunity to make such an investment into a world-class operation, and to expand its own chrome capacity,” Assore said.