ENRC sells Northam Platinum stake for $203m

ENRC has sold its 13% stake in Northam Platinum for ZAR2.5 billion ($203 million), the South African platinum producer said on Tuesday March 10.

ENRC has sold its 13% stake in Northam Platinum for ZAR2.5 billion ($203 million), the South African platinum producer said on Tuesday March 10.

The Kazakh-based miner conducted a strategic review and concluded that the stake was a non-core asset, Northam said.

The stake was written down by $120 million in early 2013 as ENRC announced various impairments.

“Prior to this announcement, ENRC held 51,732,782 ordinary shares in Northam constituting approximately 13.01% of Northam’s issued share capital […] the entire ENRC stake was placed at a price of ZAR48.25 per Northam share, representing a total transaction value of approximately ZAR2.5 billion,” Northam said.

ENRC, which makes products including copper, ferro-alloys and cobalt, delisted from the London Stock Exchange at the end of 2013 when it was bought out by its founding shareholders, becoming part of Eurasian Resources Group.

Janie Davies
jdavies@metalbulletin.com
Twitter: @janiedavies_mb

What to read next
Following a six-week consultation period, Fastmarkets can confirm it will amend the calculation method for all the average functions on the Fastmarkets platform from Wednesday March 1, 2023.
Consolidation, the recycling of electric vehicle batteries, US steel exports and the benefits of sustainable steelmaking were key talking points at Fastmarkets’ Scrap & Steel 2023 conference in Dallas in January
Green shoots of increased demand will emerge in US ferrous markets courtesy of the Biden administration’s trillion-dollar infrastructure package in 2023, Schnitzer’s executive vice president and chief strategy officer Richard Peach said at Fastmarkets’ Steel and Scrap Conference 2023 in Dallas, Texas
US special bar quality steel prices rose in January in line with rising scrap and alloy costs, according to market participants
European metal industry association Eurometaux has called on the European Commission to follow the lead shown by the Inflation Reduction Act and deliver a “powerful” policy to support the industry in the EU while it tries to keep up with the move to a new generation of energy markets
The fallout from Russia’s invasion of Ukraine is changing global trade flows for bauxite, with Brazilian material once again flowing into China and with the introduction of export restrictions elsewhere likely to influence availability through 2023
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
Proceed