Afarak Group sells Ilitha Mine Assets in South Africa

By Cecilia Butini

Afarak Group Oyj announced Monday that it would sell assets from a stellite mine in South Africa currently held by Ilitha Group, a local private company.

The sale includes Ilitha’s facilities, assets and mining rights and has a total purchase price of R400 million ($ 29 million), Afarak said. According to the company, WMA Chrome Mining Property Ltd and WMA Minmet Processing Proprietary Ltd.

The payment will come in three parts and will have a “clearly positive” impact on the company’s financial results in 2021 and help facilitate working capital management, Afarak said.

Write to Cecilia Butini at [email protected]

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