The Russian steelmaker Evraz Holding (Evraz) has announced the completion of disposal of certain vanadium assets of its South Africa-based subsidiary Highveld Steel and Vanadium Corporation Limited (Highveld).
Evraz had agreed to sell several of Highveld's assets as a condition to the approval by the European Commission and South African competition authorities of its acquisition of a majority interest in Highveld. The disposed assets include Highveld's Vanchem operations, Highveld's 50 percent share in South Africa Japan Vanadium (Proprietary) Limited, and a non-dividend bearing equity interest in the company's Mapochs Mine (Proprietary) Limited.
The disposal was implemented with effect from August 29, 2008.
The transfer of ownership rights over assets of the Mapochs Mine from Highveld to Mapochs Mine (Proprietary) Limited remains subject to the conversion of the old mining rights which Highveld holds in relation to the mine, and also to the consent of the South African Ministry of Minerals and Energy for the transfer thereof.