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Vimetco N.V. , the global producer of primary and processed aluminium products, today announces the acquisition of the whole of the issued share capital of Global Aluminium Limited from Titanium Resources Group Ltd. The acquisition, which is due to complete today, is for a consideration of USD 40 million in cash, which includes working capital of approximately USD 4.2 million and the assumption of a loan of approximately USD 10 million, subject to adjustments for working capital and a contingency payment of USD 500,000. Global Aluminium’s main subsidiary, Sierra Mineral Holdings I, Ltd (SML), owns an operating bauxite mine under a mining lease with the Government of Sierra Leone, which occupies 322 square kilometres in the south of Sierra Leone. SML contains a resource base of approximately 31 million tonnes of bauxite and... [read full story]
