Feb. 23--Amcol International Corp. said Monday that it and Australia-based Chrome Corp. have altered terms of an earlier-announced agreement under which the Hoffman Estates specialty-minerals concern is taking a majority stake in Chrome Corp.

Chrome Corp is the owner of a 74 percent interest in a South African chromite mine, and under the terms disclosed Monday Amcol will pay $14 million for a 53 percent ownership in the Australian company.

Aka Capital, a Black Economic Empowerment enterprise in South Africa, holds the remaining 26 percent stake in the mine, and that ownership will continue.

Amcol is also obtaining a two-year warrant that would allow it to acquire the remaining 47 percent stake in Chrome Corp. for a price of $12.4 million under certain circumstances.

Chrome ore is a feedstock used to produce "chrome sand," a product which Amcol markets to the U.S. metalcasting industry.

The buy-in gives Amcol "the opportunity to be an integrated supplier of chrome sand to steel foundries," said Gary Castagna, President of the company's global minerals and materials group.

Amcol announced its initial accord with Chrome Corp., under different terms, almost one year ago.

jpmiller@tribune.com

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