EVRAZ Confirms Press Speculation Regarding EVRAZ Highveld Joint Venture
07/09/2013 - EVRAZ confirms recent press speculation that EVRAZ Highveld Steel and Vanadium, EVRAZ’s South African subsidiary, and Arkein International have signed an agreement to establish a joint venture, Nyanza Light Metals (PTY) Limited.
The joint venture has been set up to perform feasibility studies around the possible extraction of titanium from the waste steel slag produced by EVRAZ Highveld and its beneficiation to produce the titanium dioxide pigment. EVRAZ Highveld will initially own a 20% share in the joint venture.
At present the project is at an early stage and does not require significant capital investment. It would be premature at present to estimate the potential size of likely capital expenditure. EVRAZ Highveld’s future level of participation and actual share in the project will depend on the results of the feasibility studies and the decisions by EVRAZ Highveld’s future owner.
The entry into the joint venture project will not affect the ongoing negotiations for the sale of EVRAZ Highveld, which is expected to be completed by the end of the third quarter of 2013.
