- November 2, 2019
- Posted in LOCAL
Asa Resources has concluded the sale of its controlling interest in Bindura Nickel Corporation (BNC), the country’s largest nickel producer said in a statement Tuesday.
BNC said the buyer of Asa’s controlling 74.13% stake is “a Zimbabwean based mining entity with interests in the mining and production of ferrous metals, non-ferrous metals and precious metals”.
While BNC does not disclose the buyer, reports have suggested that one of the leading bidders was Sotic International, a company linked to businessman Kuda Tagwireyi, who already holds interests in Africa Chrome Fields and has been involved in bids for ferrochrome producer Zimbabwe Alloys.
“Shareholders are referred to the Cautionary statement published on 1 October 2019 advising that the ultimate holding company of BNC, Asa Resource Group plc (currently under administration), has entered into a sale and purchase agreement with a third party in relation to the 74.73% shareholding in BNC,” BNC said in a cautionary.
“Shareholders are hereby informed that the transaction involving the sale of 74.73% of BNC’s issued shares to the above-mentioned third party has been successfully concluded.”
Landela Mining Venture, another subsidiary of Sotic International, has recently emerged as the local joint venture partner in Great Dyke Investment, the Russia-Zimbabwe platinum project being developed near Darwendale_NewZwire