Phembani Group becomes the majority shareholder in Umcebo Mining

Phembani Group, based in South Africa has completed the acquisition of Moxitorque Investments (Pty Ltd which will result in the group becoming a majority shareholder of Umcebo Mining. Phembani Group has undertaken this transaction to iron out its strategy to become an empowerment partner to Glencore in South Africa. South African Competition Commission approval was obtained in 2017 but the transaction amount remains undisclosed.

 

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