Lloyds Metals unit buys 50% stake in Nexus Holdco for USD 90.8M
LLOYDSME · price
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On the reaction day the stock moved 2.2 pts less than Nifty Midcap 150 and 1.8 pts less than its Industrial Minerals peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Lloyds Metals wholly owned subsidiary Lloyds Global Resources FZCO has signed a Sale of Shares and Claims Agreement to acquire a 50 percent equity stake in Nexus Holdco FZCO for USD 90.8 million. Nexus holds about 80 to 90 percent equity in Surya Mines SARL and eight other firms in DR Congo with copper mining rights and a copper processing plant. After completion, LGRF and existing shareholders will hold Nexus in a 50:50 ratio. The deal is at arms length.
Diversifies into African copper mining assets, potentially boosting long term growth for shareholders in the mining segment.