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LONDON (Alliance News) - Bushveld Minerals Ltd said Thursday it has sold a 1% equity interest in Bushveld Vametco Holdings (Proprietary) Ltd to its two Black Economic Empowerment shareholders Business Ventures Investments No 1833 (Proprietary) Ltd and Business Ventures Investments No 973 (Proprietary) Ltd for a ZAR1.8 million cash, around GBP96,000.
The stake sale was the agreed by the previous owners of Vametco mine with a view to meeting the Black Economic Empowerment equity requirements. The sale increases Vametco's Black Economic Empowerment shareholding to 26.0% from current 25.0%, ensuring Vametco is compliant with the minimum Black Economic Empowerment ownership requirements of the current South African Mining Charter.
Bushveld's shareholding in Vametco has reduced to 74% following the stake sale. Shares in the company were trading 4.8% lower in London at 29.50 pence each on Thursday afternoon.
