As announced before, South Africa's Exxaro Resources Limited has been implementing takeover bid for African Iron Limited (AKI), which is developing Mayoko Iron Ore Project in the Republic of Congo. As Exxaro has now acquired more than 90% of all AKI shares, the company informed AKI shareholders of a compulsory acquisition of outstanding issued shares and listed options. The compulsory acquisition is scheduled from Mar 7 to Mar 12. In response to this, AKI announced on Mar 8 the resignation of Mr. Antony Sage as a Non-Executive Director.|
Exxaro is a diversified South African-based mining company, listed on the JSE Limited (Johannesburg Stock Exchange). As one of the largest coal producers, with capacity now approaching 48 million tonnes per annum and the third-largest global producers of mineral sands products, which are used to manufacture titanium, Exxaro is a significant participant in the coal and mineral sands market. The company also deals with base metals. Exxaro has a 20% interest in the Sishen Iron Ore Company, a subsidiary of Kumba Iron Ore Limited in South Africa. With the acquisition of AKI, the company fully seeks entry into iron ore business.