Highveld will sell its assets to Vanchem Vanadium Products (Proprietary) Limited (VVP) controlled by the Swiss-based Duferco Investment Partners Inc.
Under the deal, Highveld will sell class-A ordinary shares in Mapochs Mine (Proprietary) Limited. Also, Highveld will sell Vanchem and a 50% stake in the joint venture South Africa Japan Vanadium (Proprietary) Limited.
In September 2007, Evraz, one of Russia's largest steel and mining companies, consolidated 80.9% of shares in South Africa's Highveld. Evraz received approvals from regulatory authorities to gain sole control of Highveld on the condition that the company sell some of Highveld's assets, including Vanchem, a stake in the Mapochs mine, and a 50% stake in South Africa Japan Vanadium.
