Watermark Global has sold its acid mine drainage treatment business to South African shell Mine Restoration Investments Ltd and it retains a 40% stake in the buyer.
Mine Restoration (http://www.minerestoration.co.za), which is quoted on South African junior market AltX, has paid £2.69 million in shares and £1.81 million for Western Utilities Corporation.
The acid mine drainage project has dragged on because the South African government has not made a decision on how to move forward so timing is uncertain.
Watermark becomes an investing company and is looking for investments in the natural resources and infrastructure sectors. Watermark has a coal briquetting business.
12-month high/low: 0.14p/0.43p
Market cap: £2.55 million