South African Competition Tribunal recently announced that it had approved the sale of vertically integrated assets by South African steel producer Highveld Steel & Vanadium.

Highveld Steel & Vanadium said that the disposal of vertically integrated assets Vanchem and its 50% stake in South Africa Japan Vanadium to Swiss firm Duferco Investment Partners would be effective from August 29th 2008.

As part of the deal, Duferco's subsidiary, Vanchem Vanadium Products, would acquire the Vanchem operations and Highveld Steel's stake in SAJV. It would also acquire 350 ordinary shares in the Mapochs mine, which produced titaniferous magnetite ore for Highveld Steel and ore fines for Vanchem.

However, the transfer of the Mapochs mine into Mapochs Mine for the purposes of facilitating the disposal of the asset remained subject to the conversion of the old order mining rights, which Highveld held in relation to the mine. Further, Mr Buyelwa Sonjica minister of minerals & energy had to consent for the transfer of the mine.