London-listed Afarak Group has announced it is selling its Ilitha stellite mine in South Africa, along with its assets and mining rights, to WMA Chrome Mining Property Limited and WMA Minmet Processing Proprietary Limited.
“The total purchase price of 400 Million ZAR (around 23.8 million euros) will be paid in 3 portions. The first portion is expected within 30 days from date of signature, the second within 12 months, and the last portion in monthly installments over the next approximately five years, starting June 2021,” the company said in a statement.
“Payment dates depend on e.g. the date of transfer of mining licenses,” according to Afarak Group.
The London-listed business says it is a producer of speciality alloys with operations based in South Africa, Turkey, Germany, the UK, Finland and Malta.