Mercury Recycling Group, a U.K.-based recycling company, has agreed to buy Sylvania Platinum Group's iron ore assets for about £13.7 million (US$21.5 million).
The assets consist of interests in prospecting rights and future mining rights in the Bushveld complex in South Africa. The rights also cover a group of seven adjacent farms. In total, the rights cover an area of 165 square kilometers.
In a news release, Sylvania Group notes that while the iron ore assets are currently held by wholly owned subsidiaries, the company will restructure its operations prior to the completion of the purchase, which will allow the iron ore assets to be transferred to a separate holding company.
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