Johannesburg - South African miner Exxaro Resources [JSE:EXX] said on
Thursday it has sold its 50% stake in the Rosh Pinah zinc and lead mine in
Namibia to commodities trader Glencore for an undisclosed amount.
The diversified miner also said Glencore has acquired a
further 30% stake in the mine from other shareholders, bringing its total stake to
80.08%.
Namibian empowerment groups and other shareholders will hold
the remainder of the mine, Exxaro said.
The deal is subject to regulatory approvals from Namibia and
South Africa.
Reuters reported on the pending deal between Exxaro and
Glencore last month.
Exxaro said in July it wanted to exit the zinc business
and focus on more lucrative parts of operations such as coal and iron ore.
Rosh Pinah zinc and lead mine is situated in southwestern
Namibia, 800km south of Windhoek.