Hermes-Sojitz investment fund resigns as Sinopac shareholder
Having sold 5.7 percent of Sinopac shares in the second quarter 2017, Hermes-Sojitz, an international direct investments fund, resigned from the company’s shareholders.
In 2016 Hermes-Sojitz closed a $340 million sale of 60.3 percent of its Sinopac stake. The company is engaged in development and production of rare-earth metals in Africa.
Development and extraction of rare-earth metals is one of the most promising and profitable industries. Rare earths occupy 17 positions of the periodic table. They are extensively used in production of a wide range of mass-market high-tech goods, such as cell phones, flat-screen TV’s and microwaves. The demand for rare-earth metals increases by 10-15 per cent yearly.
Naoki Matsumura, Chairman of Hermes-Sojitz’s Board of Directors: “More than half of the world’s magmatic carbonatite deposits are located across Africa. Carbonatites are known for containing anomalous concentrations of rare-earth elements, thus being the best raw material for mining. In this respect Africa’s resources of rare-earths is unparalleled.”
Hermes-Sojitz has been developing various projects in Africa for more than 5 years. The Fund invests in exploitation and extraction of mineral resources, food processing industry, and