SOUTH Africa’s Iscor says Australian Ticor, in which it has a 41% share, has approved the acquisition of 40% of Iscor’s heavy minerals operations for R820m. Iscor said the amount would be realised over the next two years. It said 95% of Ticor shareholders approved the deal, adding that as a related party Iscor did not vote on it. ”The country is expected to realise foreign exchange earnings estimated to be R1.8bn a year during full production,” Iscor said. In terms of the deal, which is subject to regulatory approval, Ticor gains management rights and the mineral sands resources owned by Iscor in the Eastern Cape and Northern Province. – Reuters