Lloyds Metals' subsidiary to acquire 50% stake in Nexus Holdco

Lloyds Metals and Energy Ltd on Wednesday, December 10, approved a proposal for its wholly-owned subsidiary, Lloyds Global Resources FZCO (LGRF), to acquire up to 50% equity stake in Nexus Holdco FZCO,

according to a regulatory filing.

Nexus holds about 80-90% stake in Surya Mines SARL and eight other companies in the Democratic Republic of Congo, collectively owning multiple mining concessions and a copper processing plant.

The company said the acquisition aligns with its strategic push to expand its global mineral and metals portfolio.

In a separate development, Lloyds Metals said it has entered into a non-binding MoU withTata Steel Ltd to examine potential cooperation in raw material mining, logistics, pellet production and steel making.

According to the company, the partnership aims to leverage the “natural synergy” between the two steel players and explore collaboration in areas such as greenfield steel projects, iron ore mining, slurry pipeline infrastructure, pellet making in iron-ore-rich states, direct reduced iron (DRI) production and exports of low-carbon steel products.

The companies will also evaluate joint opportunities in Maharashtra’s Gadchiroli district, an emerging steel cluster, including operating mining concessions.

Shares of Lloyds Metals and Energy Ltd ended higher on Wednesday, December 10, by 3.06% at  ₹1,277.90 on the NSE.

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