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
-
Nigeria Targets Insecurity With 5,000 AI Surveillance Cameras in Plateau
08:46
-
Gabon Targets Smart Administration With New Digital Roadmap
08:44
-
Africa Builds Silicon Valley-Style Hubs to Capture Digital Economy Growth
08:42
-
Libya’s Oil Output Reaches Decade High, Moves Closer to Pre-2011 Capacity
18:39
-
Rising Oil Prices Push 29 African Currencies Lower After Middle East Conflict
18:15
-
Morocco More Than Doubles Renewable Capacity in a Decade, Driven by Wind
18:07
-
In Africa, Banks Face a New Rival: Telecom Operators
17:51
-
Cameroon’s LNG Export Earnings Hit Three-Year Low at CFA350 Billion
17:44
-
Cameroonian SMEs invited to India trade forums to explore market opportunities
17:03
-
Ogou 1 adopts formal waste management and sanitation policy
16:19
Flutterwave secures Nigerian banking license to offer credit and savings License enables direct d...
BCEAO mandates all financial institutions to complete integration Move aims to ensure seamless, i...
EBID aims to allocate nearly 41% of its commitments to environmentally and socially impactful projec...
This week, Africa’s health outlook is shaped by mounting supply chain risks tied to global tensions,...
Coca-Cola will invest $1.03 billion in South Africa by 2030 to expand capacity and distributi...
29 African currencies weaken amid Middle East war, oil surge Rising import costs, debt pressures fuel inflation, food risks Institutions urge...
M-PESA evolves into major financial platform with 35 million users Telecoms, fintechs expand into banking, intensifying competition with...
Government suspends non-essential foreign travel for ministers and senior officials Brent crude at $115 far exceeds $62 budget...
Government plans N$78 million ($4.6 million) to expand telecom access in underserved areas Funds will support new towers and public Wi-Fi in...
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...