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Exxaro concludes disposal of Mayoko Iron Ore Project

Published by , Digital Assistant Editor
Dry Bulk,

Exxaro Resources Ltd has announced the sale of its Mayoko Iron Ore Project. The project is situated in the Republic of the Congo. The sale is to a Congolese company, SAPRO SA.

Exxaro acquired the Mayoko Project in 2012. In 2014 Exxaro detailed the impairment of the Mayoko Project as a result of the collapse in iron ore prices. This is anticipated to continue for the foreseeable future. Following a commodity portfolio review and a number of internal and external commodity studies, the Exxaro board approved a decision in 2015 to divest from the project.

Negotiations with SAPRO SA were concluded and ownership transferred on 23 September 2016.

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