MEDIA RELEASE
AGREEMENT TO DIVEST METALLOYS MANGANESE ALLOY SMELTER
South32 Limited ("South32") today announced that Samancor Manganese Proprietary Limited ("Samancor") has entered into a binding conditional agreement for the sale of the Metalloys manganese alloy smelter ("Metalloys") to Satka Investments Proprietary Limited ("Satka").
Completion of the transaction is subject to certain conditions, including regulatory approvals and consents. Satisfaction of these conditions is expected to occur in the June 2022 quarter, at which time Satka will assume the assets and liabilities comprising Metalloys1.
South32 Chief Executive Officer Graham Kerr said the agreement represents further progress by South32 in reshaping its portfolio.
"The agreement is an opportunity for a new owner to realise value from the infrastructure established at the Metalloys site, which has a long and proud history as part of South Africa's industrial development. Satka is an experienced operator in manganese alloys who has successfully reconfigured and restarted operations in the past. We are pleased that Satka intends to determine a pathway to sustainable production at Metalloys for the benefit of all stakeholders."
Samancor ceased production at Metalloys in March 2020 and will keep the site on care and maintenance until ownership transfers to Satka.
ENDS
About the Samancor Manganese Joint Venture
The Samancor Manganese Joint Venture is owned 60 per cent by South32, with the remaining 40 per cent...
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