South African miner Metorex has bought the Industrial Development Corporation's (IDC) 35 percent stake in Zambia's Chibuluma South mine for $21 million, the company said on Friday.
It said the purchase price will be settled through the issue of new ordinary shares in Metorex.
The firm said the acquisition significantly enhanced earnings from its copper division. The current copper price provided Metorex with an attractive pay-back period in respect of the purchase price, it said.
Read more at Reuters South Africa
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