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.
Read the article online at: https://www.drybulkmagazine.com/material-handling/04102016/exxaro-concludes-disposal-of-mayoko-iron-ore-project/