Mar. 30, 2020 - Sibelco has successfully closed on the sale of its Australian magnesia operations (QMAG Limited) to German-based Refratechnik Group.
The initial sale/purchase agreement was concluded on 14 January 2020, when Sibelco announced that it has entered into an agreement to sell its Australian magnesia operations (QMAG Limited) to the German-based Refratechnik Group. The operations, which are centred on a mine and processing plant close to Rockhampton in Australia, currently employ close to 150 people. The transaction is subject to regulatory approvals and is expected to be completed in the first quarter of 2020.
Commenting on the agreement, Sibelco CEO Jean-Luc Deleersnyder said: “We believe that QMAG will further improve its position as a global supplier of high-quality magnesia products by becoming part of an industrial group that specialises in both, refractory materials and industrial minerals. The transaction marks another step in the re-focusing of Sibelco’s portfolio on those activities where we can attain leadership positions and offer cutting-edge solutions to our customers.”
Dr. Rainer Gaebel, Managing Director of Refratechnik Holding added: “We are delighted with this transaction. QMAG will complement the two other world-class magnesia operations in our Group – Canadian producer, Baymag, and recent start-up Haicheng Guozheng Mining, in China. With a like-minded focus on performance excellence, Refratechnik looks forward to utilizing the added joint strengths, business synergies, and increased product portfolio to ultimately deliver greater value to our customers.”