JOHANNESBURG (Reuters) - South African miner Exxaro Resources (EXXJ.J) said on Wednesday it plans to dispose of its remaining stake in U.S. titanium products company Tronox (TROX.N) to fund capital commitments, repay debt and to distribute capital to shareholders.
Exxaro, which previously disposed of a stake worth $474 million, said in a statement it plans to further disinvest from its remaining 24 percent stake “in a thoughtful, efficient and staged process over time.”
The miner, which holds 28.7 million shares in Tronox, said its remaining stake is valued at around $476 million assuming a share price of $16.57 per share.
Exxaro, which mainly produces coal, completed its sale of 22.4 million shares in Tronox in October last year and paid a special dividend of 4.5 billion rand ($377 million) from its income reserves after selling the stake.
Reporting by Tanisha Heiberg; Editing by Alexander Smith