JOHANNESBURG, June 11 (Reuters) – South African diversified
miner Exxaro said on Monday it would list New Tronox,
its $3.4 billion paint-making ingredient joint venture, on the
New York Stock Exchange next week.
Exxaro, whose main focus is the production of coal, said
last year it would sell its mineral sands operations to
U.S.-based pigment producer Tronox for a 38.5 percent
stake in the new entity.
The company said the deal was expected to close on June 15
and it would then list shares of New Tronox on the New York
Stock Exchange on June 18.
Exxaro said Tronox would employ about 3,500 people in 16
countries, including the United States, South Africa, Australia
and the Netherlands.
Mineral sands include titanium dioxide feedstock, which is
used to make paint, and zircon, needed to produce ceramic tiles.
In a separate deal, Exxaro said it had completed the sale of
its 50.04 percent stake in the Rosh Pinah zinc and lead mine in
Namibia to commodities trader Glencore for 931 million
rand ($110 million).
Exxaro has said it wanted to exit the zinc business and
focus on more lucrative parts of its operations such as coal and
iron ore.
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