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Mining and construction materials group Afrimat has signed a R550m deal to buy Glenover Phosphate in Limpopo, the latest in a string of deals for a cash-generative group that is looking to diversify its revenue.

The deal, if fully exercised, will see Afrimat add phosphate, rare-earth elements and vermiculite to its growing mining portfolio. It is the second-biggest deal announced by the group to date, after the R650m purchase earlier in 2021 of the Gravenhage mining right in the Northern Cape, a long-life, near-development manganese resource...

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