vedanta copper
JSE-listed African Rainbow Minerals has concluded an agreement for the disposal of ARM and Vale’s 80% indirect interest in Lubambe copper mine to EMR Capital Bidco.

The 80% indirect interest in Lubambe copper mine in Zambia, which is held in equal shares by African Rainbow Minerals and Vale, includes the equity holding in Lubambe copper mine as well as loans to Lubambe mine.

The purchase consideration for the disposal is US$97.10 million and will be settled in cash.

The final amount receivable is subject to, amongst others, the following adjustments which will be finalised on completion of the disposal:

  • Settlement of Lubambe copper mine’s general banking facility; and
  • Additional funding provided to Lubambe copper mine by African Rainbow Minerals and Vale between 1 May 2017 and the completion date

Completion of the disposal is subject to the fulfilment of agreed conditions precedent.

EMR Capital Bidco is a specialist resources private equity management firm with a proven investment track record spanning over 20 years.

It manages investments of more than US$2 billion.

Feature image credit: Wikimedia