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Johannesburg - South Africa's Highveld Steel & Vanadium said on Tuesday it had agreed to sell its ferro alloys unit Rand
Carbide for R300m to Silicon Smelters, effective January 1, 2008.
"The purchase consideration will be satisfied by the payment of a deposit of R50m. The balance of the purchase consideration will be paid on the effective date," Highveld, a unit of Russian metal group Evraz, said in a statement.
Silicon Smelters is a unit of Spain's Ferroatlantica, which makes ferrosilicon, an important raw material for producing steel.
Shares in Highveld traded 4.02% up at R128.99 by 14:27 GMT, beating the South African All Share index, which added 0.35%.
Rand Carbide produces ferrosilicon, electrically calcined anthracite and char, which are sold mainly in South Africa, internationally, and to other divisions of Highveld.
Rand Carbide's share of the South African market is approximately 50% for ferrosilicon, 10% for anthracite and 10% for char.
In July, Highveld agreed to sell its transalloys division to Russia's Renova Group for about $112m.
- Reuters