Chrome operations

The Chrometco Group is the holder of chromite mineral and surface rights on Rooderand. In September 2007, Chrometco announced the disposal of its Rooderand assets for R62 million. In terms of the sale agreement, Chrometco would be entitled to receive R13 million upon the sale agreement’s inception, as well as a further R13 million on the anniversary date of the agreement’s signature date. Chrometco would also become fully entitled to the balance of the sale proceeds upon the conversion of the old order mining right to a new order mining right in terms of section 11 of the MPRDA. The sale is still in the process of being concluded and Chrometco expects to receive the balance of the outstanding purchase price over the next two years.