By Rhiannon Hoyle

South32 Ltd. on Monday said the sale of the Metalloys manganese alloy smelter in South Africa to Satka Investments Ltd. won't go ahead.

"This follows a failure to satisfy certain commercial conditions to the agreement," South32 said in a regulatory filing. Satka is one of the world's largest producers of ferromanganese with operations in Russia and Ukraine.

The Metalloys smelter is run by the Samancor Manganese joint venture, owned 60% by South32 and 40% by Anglo American PLC.

Production at the smelter stopped in March 2020 and the deal to sell it to Satka was struck last November. "The operation is expected to remain on care and maintenance as we assess future options for the smelter," South32 said.

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

(END) Dow Jones Newswires

March 06, 2022 18:01 ET (23:01 GMT)

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