Tata Steel Ltd will sell a majority stake in an iron ore mine in South Africa to Switzerland-based group IMR Metallurgical Resources AG for $25.6 million. The steel-maker said Monday in a filing that it had entered into an agreement with IMR Asia Holdings Pte. Ltd to sell Black Ginger 461 Pty. Ltd to IMR Asia Holdings Pte Ltd.
Black Ginger, which is a step-down unit of Tata Steel’s wholly owned subsidiary TS Global Minerals Holdings Pte. Ltd, owns a 64% stake in Sedinberg Iron Ore Pty. Ltd. The proceeds from the sale will factor in adjustments for working capital and closing cash balance, Tata Steel said. The mining operations reported revenue of ₹839.86 crore in 2017-18. The transaction is expected to be closed in around 12 months.
The development was reported by livemint.com