Troubled South African Steelmaker Selling Iron Ore Mine
08/19/2015 - Integrated steelmaker Evraz Highveld Steel & Vanadium is selling its Mapochs iron ore mine, according to Mining Weekly.
According to the publication, a number of preferred bidders were selected in July. The winning bid is to be chosen on 28 August, it said.
Evraz Highveld is South Africa's second-largest steel manufacturer and the mine's primary customer. Both are operating under business recue proceedings.
Last month, Evraz Highveld announced it was temporarily idling steel production on account of capital constraints and competition from Chinese imports.
Nevertheless, the company has a "reasonable prospect" of recovering, its business rescue team has said, according to Reuters.
The company has been in business rescue for three months and is facing US$94 million in claims, although a large number remains outstanding, Reuters reported.
A business rescue plan for the steelmaker is also to be finalized by the end of the month.
Evraz Highveld is South Africa's second-largest steel manufacturer and the mine's primary customer. Both are operating under business recue proceedings.
Last month, Evraz Highveld announced it was temporarily idling steel production on account of capital constraints and competition from Chinese imports.
Nevertheless, the company has a "reasonable prospect" of recovering, its business rescue team has said, according to Reuters.
The company has been in business rescue for three months and is facing US$94 million in claims, although a large number remains outstanding, Reuters reported.
A business rescue plan for the steelmaker is also to be finalized by the end of the month.
