October 11, 2017 / 5:52 AM / 2 years ago

South Africa's Exxaro completes sale of Tronox shares, nets $474 mln

JOHANNESBURG, Oct 11 (Reuters) - South African miner Exxaro Resources said on Wednesday it had completed its sale of 22.4 million shares in U.S. titanium products company Tronox with net proceeds of $474 million. Exxaro, which mainly produces coal, said last week it would sell the shares in Tronox as the company looks to focus on its core mining activities, provide funding for its future capital commitments, repay debt and return capital to shareholders.

The disposal reduces Exxaro’s ownership of Tronox’s total outstanding voting shares to approximately 24.0 percent or 28.7 million shares.

Exxaro also said it would continue to assess market conditions going forward for further possible sell downs in its remaining Tronox investment. (Reporting by Tanisha Heiberg; Editing by Ed Stoddard)

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