The Chemours Company has entered into a definitive agreement to sell its Mining Solutions business for $520 million in cash to Draslovka Holding as, a Czech-based private company specialising in cyanide production.

The transaction is expected to close in the December quarter of 2021 subject to regulatory approvals and other customary closing conditions.

Chemours announced back in March that it had initiated a strategic review to assess the potential sale of its Mining Solutions business, which is a part of Chemours Chemical Solutions segment and is one of the largest North American producers of solid sodium cyanide.

Mark Newman, Chemours President and CEO, said: “Today’s announcement of the Mining Solutions divestiture furthers our strategy of focusing on our three principal businesses in order to drive long-term shareholder value. Leveraging differentiated strategies, we feel confident that our businesses are well positioned to deliver growth and higher-quality earnings through economic cycles.

“The entire Mining Solutions team has worked hard to create a leading business with an unmatched record of safety and supply chain stewardship. Draslovka’s long-standing expertise in cyanide, coupled with a strategy devoted to growing this business, makes them an ideal partner invested in the success of our Mining Solutions employees and customers.”

Pavel Brůžek, CEO of Draslovka, added: “The acquisition marks Draslovka’s first major investment in the US and advances Draslovka’s international expansion plans. Our ambition is to use Draslovka’s CN-based specialty chemicals expertise and technological capabilities to support our global growth plans, and drive improvements in safety, efficiency, and environmental considerations throughout the industry.”