Iscor looks to S.E. Asia

A unit of Iscor, a major South African steel and mining company, plans to acquire 2.4 million shares of Omax Resources (OXR-V).

The purchase is part of Iscor’s strategy to grow by taking on international projects. The major is already active in Australia, and recently concluded a joint venture with a state-owned mining company to refurbish the large Kamoto copper-Cobalt mine in the Democratic Republic of Congo (formerly Zaire).

Iscor’s private placement of Omax (at 83 cents per share) is subject to regulatory approval and a due diligence review. The companies also signed a preliminary agreement outlining terms of an equal joint venture to develop new gold projects in Thailand, Myanmar and Indonesia.

Iscor will have the right to acquire an additional 10% stake in a project of its choice at an independently determined market value.