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Arrium’s administrator KordaMentha will appoint Deutsche Bank for the sale of Arrium’s grinding media business, Moly-Cop.
The administrators announced last month that it expected most of the sale of the Arrium steel and iron ore group – which owes roughly $4 billion and includes 94 companies – would be complete by the year’s end.
Any sale of the profitable Moly-Cop business is complicated by the SA government stating that co-investment in Arrium’s loss-making Whyalla steel mill is conditional on the company being sold off intact.
The formal sale of Arrium’s assets will begin next month, KordaMentha has said.