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AMCOL International Corporation Message Board

  • algo41 algo41 Mar 6, 2008 10:35 AM Flag

    chrome mining purchase

    In US dollars price is 38 million (or maybe it was 35 million, I am doing this from memory).

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    • Another update on this deal:


      Chrome Corp (CCI) 20.5c

      AS we foreshadowed last month, an auction is developing for Chrome Corp's 74 per cent stake in the Ruighoek project in South Africa.

      Chrome Corp had agreed to sell the asset to Amcol International for $41 million, with shareholders due to vote on the proposal this Friday.

      Now a mob called York Capital Management has offered $45 million, including repayment of $US6 million of convertible notes held by Amcol.

      Criterion rated Chrome Corp a speculative buy at 18c on March 13, arguing that the deal was worth a net 21-22c a share to Chrome holders.

      We'll maintain the call.

      York's unsolicited "expression of interest" adds another couple of cents to the valuation, although as with the first deal there's similar execution risk.


      Link to entire article:
      http://www.theaustralian.news.com.au/story/0,25197,23503046-23634,00.html

      • 1 Reply to steve_382
      • And yet another update on this deal.

        http://www.redorbit.com/news/business/1369450/amcol_acquires_chrome_mine/

        Amcol Acquires Chrome Mine
        Posted on: Sunday, 4 May 2008, 03:00 CDT

        By Anonymous

        Amcol International, the parent of American Colloid Co., has agreed to take a 74-percent interest in a chrome mine in South Africa owned by Chrome Corp. The investment is valued at approximately $38.3 million. Chrome ore is used to produce chrome sand, which Amcol markets to the U.S. metalcasting industry.

        The remaining 26 percent of the mine is owned by Aka Capital. Amcol, an Australian-based company, will retain control of the business and said it is discussing a co-investment by another, unnamed South African company, in the mine, the processing operations and downstream marketing of the mine products.

        Amcol president and chief executive officer Larry Washow said, "This investment will allow Amcol to be the premier dedicated chrome sand supplier to foundries around the world."

        Amcol said that approximately 90 percent of the 18 Mt (20 million st) of chrome ore mined annually is used to produce ferrochrome, according to industry estimates. Rising global demand for stainless steel has tightened ferrochrome supplies, impacting supplies of foundry chrome.

        Copyright Society for Mining, Metallurgy, and Exploration, Inc. Apr 2008

        (c) 2008 Mining Engineering. Provided by ProQuest Information and Learning. All rights Reserved.

        Source: Mining Engineering

    • Until VERY recently the Rand was one of the only currencies the dollar was holding up against.
      This looks like a very good idea.

 

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