In February last year, the Evraz Highveld Steel and Vanadiumbusiness rescue practitioners announced that they would seek to sell individual components of the steel and vanadium company following a failure to conclude the sale of the entire business to IRL, which owned the stockpile at the mine ahead of Thursday's auction.
The mine, which was originally part of Anglo American, has its own rail network, train station and train store and formerly operated at a rate of 2.2-million tonnes a year.
Situated in Mpumalanga province, 5 km from the town of Roossenekal on the road to Steelpoort, the mainly opencast and partially underground mine is on a large footprint that provides scope for expansion.
The R50-million deposits bidders were required to pay into trust accounts ahead of the auction constituted the value of opening bids.
Sold were the mine’s right to extract magnetite ore that includes vanadium and iron-ore, and many other metals and minerals.
The successful bidder has also acquired crushers, conveyors, electrical substations, thickener plants and other mininginfrastructure on the 6 211 ha property consisting of various farm portions, as well as various residential properties in Roossenekal."
TNO Price at posting:
90.5¢ Sentiment: Buy Disclosure: Held