On September 30, Finnish resources company Ruukki Group Plc, and UK-based Kermas Limited (Kermas) reached an agreement on the terms of a recommended offer by their joint venture company Synergy Africa Limited to wholly acquire UK-based chrome producer Chromex Mining Plc (Chromex) at approximately GBP 37 million (€42.9 million).
Ruukki and Kermas have entered into a joint venture through the establishment and financing of Synergy Africa in order to facilitate the acquisition of Chromex pursuant to the offer. Ruukki's ownership in Synergy Africa stands at 51 percent, while Kermas' share is 49 percent. Kermas is the largest shareholder of Ruukki with a 28.51 percent holding.
Chromex is operating in chrome production by acquiring, controlling and developing
chromite mining and processing facilities. It currently has two key mining assets located on the Bushveld Complex in South Africa, which between them have a gross total chromite resource of approximately 41 million metric tons as well as exploration claims in Zimbabwe.