Former mining-services specialist eXtract Group said on Wednesday it had secured asset sales of R725m in the 14 months to end-August, with a further R441m in sales secured in October. The group, which has been in the process of exiting its operational contracts in SA, said in a statement that it would utilise cash generated from sales of operational assets to reduce banking debt and provide seed capital to Last Mile Fund (LMF), created by ex-Harmony CEO Bernard Swanepoel and eXtract interim CEO Clinton Halsey. A repayment of R100m is expected by February 2018 and balance of R150m in debt to enX is expected to be settled within the next 12-18 months thereafter. Extract was formed in November 2016 when Eqstra Holdings was unbundled, with Eqstra’s industrial equipment and fleet leasing businesses sold to enX. The latter subsequently divorced itself from eXtract in October. EXtract had, meanwhile, sold most of its mining contracting business to its primary customer‚ Tharisa‚ leaving it ...
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