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
-
Benin to Build Nine Rural Solar Mini-Grids With $2.9 Million Financing
08:27
-
Burkina Faso Names Scientist Antoine Béré to Stabilize Joseph Ki-Zerbo University
08:24
-
Lomé hosts launch of UT Marché platform for WAEMU government debt trading
07:13
-
Africa Now Repays More to China Than It Receives in New Loans, ONE Data Says
06:23
-
Morocco’s Legal Cannabis Industry Gains Momentum With New Investments
05:23
-
Togo’s inclusive finance fund seeks stronger impact nationwide in 2026
16:23
-
Togo approves framework for regional development planning
16:13
-
Togo’s Tchitchao agricultural mechanization center nears completion
16:09
-
Kenya Launches Digital Platform to Automate External Debt Payments
15:50
-
Mbalam-Nabeba iron project: Sundance loses ICC case against Congo, presses Cameroon
15:16
The BoxCommerce–Mastercard Partnership introduces prepaid cards, giving SMEs instant access to e...
Circular migration is based on structured, value-added mobility between countries of origin and host...
Except for Tunisia entering the Top 10 at Libya’s expense, and Morocco moving up to sixth ahead of A...
BRVM listed the bonds of the FCTC Sonabhy 8.1% 2025–2031, marking Burkina Faso’s first securitiz...
President Tinubu approved incentives limited to the Bonga South West oil project. The project tar...
As delays in university programs weigh on youth employability and workforce competitiveness, the appointment of a new president at Joseph Ki-Zerbo...
Africa shifted from a net recipient of Chinese financing to a net payer over the past decade. Debt repayments to China now exceed new lending...
Moniepoint, Opay, Kuda, and others gain national status with tighter oversight A naira 5 billion minimum capital requirement now applies to national...
KRA and KPA announced measures to decongest Mombasa Port, cut dwell times, and speed clearances. Long-stay cargo will be evacuated; Pre-Arrival...
The Khomani Cultural Landscape is a cultural site located in northern South Africa, in the Northern Cape province, near the Kgalagadi Transfrontier Park....
Three African productions secured places among the 22 films competing for the Golden Bear at the 76th Berlin International Film Festival. Berlinale...