Metmar makes Zimbabwe Alloys Chrome move

Commodities trader expands chrome activities to Zimbabwe.

Commodities trader Metmar has become the latest South African miner to move into Zimbabwe after leading a multi-million dollar deal.

Metmar Africa bought 40% of Zimbabwe Alloys Chrome from Zim Alloys for US$51.3mn. Of the agreed sum, US$30mn has been deferred until certain targets are achieved.

The balance is held by Zimbabwean company Benscore Investments, which also has interests in banking, insurance, hotels and tourism.

Metmar owns 25% of the acquiring company and contributed US$12.8mn of the purchase price, funded by its existing resources.