Australia-based explosives manufacturer Orica and private equity firms Littlejohn and One Rock Capital are among the entities that have submitted bids to acquire US chemical firm Chemours’ mining solutions business.

The asset could be valued at more than $600m, reported Bloomberg, citing people familiar with the matter.

The firm has received indicative offers, and the binding bids could be expected as soon as next month.

Earlier this year, Chemours announced a strategic review of the mining solutions business, which is claimed to be one of the largest North American producers of solid sodium cyanide.

Solid sodium cyanide is a key component required for the extraction of gold and silver from mined ores.

At that time, Chemours president and CEO Mark Vergnano had said: “Our overall goal and intent are to position every one of our businesses, including Mining Solutions, to deliver the highest level of profitable growth possible, for the benefit of all our stakeholders.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The business currently operates its solid sodium cyanide plant in Memphis, Tennessee, US. This is claimed to be the largest solid sodium cyanide plant in the world.

A new solid sodium cyanide plant is scheduled to open in Durango, Mexico, the company stated on its website.

Talks are currently at an early stage, and the companies may decide not to go ahead with the bids, the sources told Bloomberg.

The chemical firm hired Gordon Dyal & Co. Advisory Group to assist with the strategic review.

According to the company’s annual report, Chemours Mining Solutions reported net sales of $203m last year, which is a 24% decrease from 2019.