Sherashiya Pty Ltd, a firm established by Indian mining investors, is finalising the purchase of Pula Steel and plans to resuscitate the Selebi Phikwe plant by next month, following the collapse of a previous takeover attempt by local iron ore producer, Vision Ridge.
Ikongwe Mine, Botswana’s sole iron-ore mining operation, has stopped production due to falling export prices for the mineral, a senior company official said on Wednesday. The mine, owned by Botswana-registered Vision Ridge Investments, a unit of India's Yashomann Industries, began production in 2021 as prices of iron-ore, the main ingredient in steel production, soared to record highs of $240/t driven by demand in world number one steel producer China.