It is reported that former South African Reserve Bank governor Mr Tito Mboweni and his brother Mr Alto have signed a memorandum of understanding to take a 20% stake in Ferrox Holdings for a consideration of USD 32-million.

Ferrox Holdings plans to develop the Tivani iron ore project in South Africa Limpopo province. The project may also be developed for the production of ilmenite concentrate for the production of titanium dioxide. The memorandum has been signed with Mboweni Brothers Investment Holdings founded by Mr Tito and Mr Alto.

Mr Tito Mboweni is currently chairperson of South Africa-based global gold mining company, AngloGold Ashanti and non-executive chairperson of Nampak. He is also an international advisor to New York-based investment bank Goldman Sachs.

Alto Mboweni is a chemical engineer with over 10 years' operational, process design and process modelling experience in the oil, gas and energy sectors. He has been involved, in various consulting capacities, with clients such as Petronas, Chevron and ExxonMobil.

Mr David McAdam Ferrox CEO said "We are extremely pleased to have at our side a partner such as Mboweni Brothers Investment Holdings, with founders of the calibre of Tito and Alto Mboweni. We share their commitment to advance the Tivani project one of the most significant deposits of its kind in South Africa into a major African iron ore producer and, through this to advance development within Limpopo province."

(Sourced frowww.businessday.co.za)