Police chemicals company purchases 55% stake in Senegalese mining
August 30, 2013
Listed chemicals firm Police, a unit of Azoty Tarnow, signed an expected deal for a USD 28.85m purchase of a 55% stake in Senegalese mining assets, Police said in a market filing released Thursday.
Police will become majority shareholder with access to phosphorus deposits estimated at 56 million tons and ilmenite deposits estimated a 1.5 million tons.
The payment will be made in three installments, starting with USD 3m at signing, then USD 19m, then USD 6.85m.
Police will finance the purchase from its own funds, according to the report.
Police believes it can generate PLN 30m in savings in 2014 on phosphorus purchases and increase its sales capacity globally on the acquisition.