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| Home : Hermes-Sojitz investment fund resigns as Sinopac shareholder |
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Nov 01
2017 |
Hermes-Sojitz investment fund resigns as Sinopac shareholder |
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Hermes-Sojitz Investment Fund sells its share of the rare-earths mining company. |
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Having sold 5.7 percent of Sinopac shares in the second quarter 2017, Hermes-Sojitz, an international direct investments fund, resigned from the company’s shareholders.
Previously in 2016 Hermes-Sojitz closed a $340 million sale of 60.3 percent of its Sinopac stake. The company is engaged in development and production of rare-earth metals in Africa.
Development and extraction of rare-earth metals is one of the most promising and profitable industries. Rare earths occupy 17 positions of the periodic table. They are extensively used in production of a wide range of mass-market high-tech goods, such as cell phones, flat-screen TV’s and microwaves. The demand for rare-earth metals increases by 10-15 per cent yearly.
Naoki Matsumura, Chairman of Hermes-Sojitz's Board of Directors: “More than half of the world’s magmatic carbonatite deposits are located across Africa. Carbonatites are known for containing anomalous concentrations of rare-earth elements, thus being the best raw material for mining. In this respect Africa’s resources of rare-earths is unparalleled.”
Hermes-Sojitz has been developing various projects in Africa for more than 5 years. The Fund invests in exploitation and extraction of mineral resources, food processing industry, and property development. 18 residential buildings of business and premium class were commissioned in 2016. Hermes-Sojitz representatives believe that closing another profitable deal would facilitate closer links between the Fund and local missions, thus enhancing its influence in Africa. |
| Source:https://www.1888pressrelease.com/hermes-sojitz-investment-fund-resigns-as-sinopac-shareholder-pr-624012.html |
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