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
EBID aims to allocate nearly 41% of its commitments to environmentally and socially impactful projec...
BCEAO mandates all financial institutions to complete integration Move aims to ensure seamless, i...
Flutterwave secures Nigerian banking license to offer credit and savings License enables direct d...
This week, Africa’s health outlook is shaped by mounting supply chain risks tied to global tensions,...
MTN Ghana completes separation of mobile money into new entity Move aims to boost fintech growth ...
Kenya and Morocco sign 11 deals covering health, agriculture, and trade Agreements aim to expand cooperation and boost economic ties Move...
GDP growth reached 6.7% in 2025, up from 6.5% a year earlier Expansion fueled by hydrocarbons and agriculture, while other sectors slow Growth...
Liberia seeks to replicate Jigawa’s model for large-scale rice production Talks focus on investment, technology transfer, and joint...
Government moves to counter surge in AI-enabled cyber fraud Mobile money fraud exceeds $30 million annually as attacks rise New...
Sungbo Eredo, located in southwestern Nigeria near the Yoruba town of Ijebu-Ode, stands as one of the most remarkable yet overlooked monuments of...
“Dodji, l’Archet Vodoun” is a documentary about reconnecting with ancestral culture to understand one’s origins, following an initiation ceremony that...