Acquisition of Consolidated Minerals successfully completed
Friday, May 26, 2020
  • Consolidated Minerals Limited (“Consmin” or “the Company”) is pleased to announce the successful completion of its acquisition by China Tian Yuan Manganese Limited (the “Purchaser”), a subsidiary of Ningxia Tianyuan Manganese Industry Co., Ltd. (“TMI”)
  • Consmin forms a key part of TMI’s own growth plans and the Company is expected to benefit significantly from TMI’s commitment to invest in the growth of the Company’s operations and in infrastructure and corporate social responsibility (“CSR”) projects in Ghana
  • First step in TMI’s international strategy of further enhancing the leading position of the world’s foremost manganese ore supplier

Acquisition completes

On November 15, 2020, the Company announced that the ultimate beneficial owner and direct shareholders (the “Sellers”) of the Company agreed to sell and transfer to the Purchaser the entire share capital of the Company as well as all shareholders funding given by the Sellers to the Company (the “Transaction”).

On April 4, 2020, the Purchaser announced a tender offer and consent solicitation (the “Offer”) for the outstanding Senior Secured Notes due 2020 issued by the Company (the “Notes”). On May 22, 2020, the Purchaser announced that it had received tenders and consents from holders representing 99.94% of the Notes outstanding in respect of the Offer. Following receipt of such tenders and consents, all conditions to the Transaction have been satisfied and the Transaction has been completed on May 25, 2020.

Commenting on TMI’s acquisition of Consmin, Mr Jia Tianjiang, the President of TMI, said:  

“TMI is excited by the acquisition of Consmin as it represents another positive step in the evolution and internationalisation of the business. We have a strong desire to minimise disruption in the transfer of ownership by continuing Consmin’s operations on a ‘business as usual’ basis, fully recognizing existing commitments and ensuring management continuity. We look forward to building on the Company’s strong foundations and going on to enhance the leading position of the world’s foremost manganese ore supplier.”

Commenting on the future of Consmin, Chief Financial Officer, David Slater, stated:

“Now that the acquisition has successfully completed, the Consmin management team look forward to working with our new owner to invigorate a market leading manganese ore supplier. We will continue operating Consmin in the interests of all stakeholders and look forward to implementing TMI’s growth plans for the Company.”

For more information, please visit:
Find out more about AfrOil from NewsBase