South Africa: Pan African completes acquisition deal for Uitkomst mine
Wednesday, 06 April 2016 04:09
Pan African Resources Plc, precious metals mining group active in South Africa, has completed the acquisition of the Uitkomst coal mine in Kwazulu Natal, South Africa. The project was acquired for R150 million (working capital included) down from R200 million announced in June 2015.
“We are pleased to have finalised the transaction and we welcome the Uitkomst colliery employees to the group. The transaction is expected to be value accretive to Pan African,” said CEO of Pan African, Cobus Loots.
The company said Uitkomst would be implementing a black-economic empowerment (BEE) transaction similar to those currently in place at its Barberton and Evander projects. The transaction would increase the disadvantaged on-mine ownership by 9%.
The Uitkomst mine had an average run-of-mine of 50 000t/m and average saleable coal production of 34 000t/m. It has a 28 year life-of-mine and sustaining capital of R10 million/yr. Profit and cashflow are between 30 and 35 million rand.
Louis-Nino Kansoun
Live News
-
Ghana's Gas-to-Power Plan Could Cut Generation Costs by 75%, Deloitte Says
09:40
-
Mission 300 Pushes Africa Toward a New Business Model for Distributed Energy
09:29
-
Faure Gnassingbé: “Africa’s Stability Is a Precondition for Global Stability”
09:19
-
West Africa Rice Program Launches in Togo's Sotouboua Cluster
09:18
-
University of Lomé to Establish Training Center for Prestigious Agrégation Exams
09:17
-
Africa Investment Forum 2025 Kicks Off in Rabat with Focus on How to Mobilise Private Capital
09:15
-
Kossi Ténou Appointed to Lead WAEMU's Financial Markets Authority
08:56
-
U.K.’s BII, FirstRand Launch $150M Facility for Africa’s Energy Transition
08:50
-
Cocoa Price Drop Threatens Cameroon’s 2025–2026 Season Outlook
08:24
-
Less Than 5% of Firms Capture 75% of Cameroon’s EPA Tax Gains
08:22
Anthropic, Rwanda’s government, and ALX launched Chidi, an AI mentor built on Claude. It wi...
(MCB) - The Mauritius Commercial Bank Limited (“MCB”) has successfully granted a strategic financing...
S&P upgrades Zambia to CCC+ as debt talks advance and copper output rebounds. About 94% of $...
MTN Innovation Lab hosts Africa HealthTech Export 2025 Bootcamp in Cotonou Event targets s...
Attack risks internet disruptions; investigation launched near Massakory EU-funded project aims ...
AIF 2025 begins in Rabat with 2,500 delegates and 41 vetted, investment-ready projects. The forum enhances GCC investor engagement and speeds up...
Facility targets decarbonization of carbon-intensive firms via structured financing Initiative supports South Africa’s coal phase-out and...
Orange Morocco opens 1.5MW data center in Casablanca for cloud, AI, security Facility supports Maroc Digital 2030 goals, boosts digital...
Morocco launches program to back startup investment funds under Maroc Digital 2030 Government aims to boost funding, reduce risk for early-stage...
Hidden deep within the Arabuko-Sokoke Forest on Kenya’s coast near Malindi, the ancient city of Gedi stands as one of East Africa’s most intriguing...
Orange Egypt and Qatar’s Qilaa International Group have partnered to develop WTOUR, a digital platform offering trip planning, hotel bookings, local...