South African coal miner Exxaro said on Friday it was at advanced stage negotiations over the sale of its 24.4% stake in Vedanta Zinc International’s Black Mountain Mining (BMM)operations but had not yet finalised the transaction.
Exxaro, which also has interests mineral sands, iron ore and energy, said the decision was made after a strategic review of its portfolio concluded that zinc mining was not aligned to the it’s long-term objectives.
The miner said it would update the market of the sale of the stake in BMM mine in the Northern Cape province when the transaction was concluded.
BMM mines zinc, lead, silver and copper, hoisting 1.7Mtpa of ore, and has a production capacity of 90,000Tpa metal-in-concentrate.
(By Tanisha Heiberg)