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Shares of building materials and mining group Afrimat were having their worst day in more than two months on Thursday afternoon, following a R680m bookbuild to fund growth of its new manganese and rare-earth minerals interests.

Afrimat announced after markets closed on Wednesday it was planning on a bookbuild equating to about 5% of its market capitalisation, after strong demand increased its size, with shares equivalent to 8.5% of its market value expected to be listed on August 2...

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