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South32 GEMCO to Divest Tasmanian Electro Metallurgical Company

Steel News - Published on Fri, 14 Aug 2020

Image Source: Tasmanian Electro Metallurgical Company
South32 Limited announces that Groote Eylandt Mining Company, owned by the Samancor Manganese joint venture has entered into a binding agreement for the sale of its shareholding in the Tasmanian Electro Metallurgical Company to an entity within GFG Alliance. Completion of the transaction is subject to approval from Australia's Foreign Investment Review Board. Upon satisfaction of this condition, GFG will make a nominal payment to GEMCO to acquire 100% of the shares in TEMCO. As a condition to the completion of the transaction, the parties have entered into an ore supply agreement from GEMCO to TEMCO.

The transaction does not include the Samancor Manganese JV's South African manganese alloy smelter, Metalloys, which has separately been placed under care and maintenance.

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Posted By : Yogender Pancholi on Fri, 14 Aug 2020
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