Afrimat buys controlling stake in distressed Diro

JSE-listed Afrimat is marking its entry into the manganese and iron-ore mining sector with its latest acquisition of a majority stake in Diro’s distressed assets for R276-million. The firm on Tuesday said it was acquiring 60% of Northern Cape-based Diro Manganese and Diro Iron Ore, the operations of which had been halted under financial distress and subsequent business rescue procedures initiated in June.