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Fluormin to sell Buffalo asset for ZAR10 mln

Published: 15:24 18 Sep 2012 BST

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Fluormin (LON:FLOR) has told investors that it is selling the Buffalo fluorspar project in South Africa for 10 million rand (£0.74 million).

The project has been on care and maintenance since 2008. And Fluormin said it had no immediate plans to re-open the mine.

"The disposal of Buffalo is an important step in our efforts to rationalise the Company's operations and further strengthen its balance sheet,” said chief executive Mark Bolton.

Fluormin will receive the first 7 million rand upfront, and the remainder will be paid in May next year.

The AIM quoted fluorspar focussed firm is working to ramp up and improve its operations. 

In last month’s quarterly report Fluormin said that it was seeing ‘effective progress’ at its Witkop mine in South Africa.


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