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 Partners with eLearning Africa to Boost Digital Learning Nationwide
18:31
-
Togo Updates PURS Program with Partners amid Increased Insecurity-induced Displacement in North
18:17
-
Port of Limbé: Cameroon Bets on Turkish Yenigün, a Controversial Partner in a Risky BOT Deal
18:11
-
Ghana Launches Training Program to Boost Cancer Care Across Africa
17:45
-
DR Congo: Kamoa-Kakula Copper Smelter Secures Full Production Sales
17:41
-
African Liquefied Natural Gas Sector Fuels Asian Shipbuilding
17:37
-
Flutterwave Secures Payment License in Senegal, Expands Francophone Africa Presence
16:53
-
Logistics Startup Leta Launches Operations in Ghana
16:39
-
CEMAC Inflation Slows, but Cameroon Keeps Prices High in Q1 2025
15:33
-
Togo Launches 23 Local Development Projects Backed by GIZ Funding
15:27
• Investors seem to keep focusing on yields, which are high for the moment• New Leadership might see...
• Qatar Airways and Kenya Airways establish strategic agreement, introducing a third daily flight be...
• ECOWAS Bank funds 47.7-km stretch of strategic 700-km road project• Lagos-Calabar highway seen boo...
• EY is preparing to leave Francophone Sub-Saharan Africa by 2026• The exit could unlock $500 m...
• Inflation within the West African Economic and Monetary Union (UEMOA) fell to a two-year low of 0....
• Ghana signs a deal with eLearning Africa to expand digital learning access across the country.• The partnership focuses on deploying modern digital...
Ghana launches the Oncology Nurse Leadership Program (ONLEP) to train specialized oncology nurses from seven African countries. The five-year...
Kenya plans to roll out the ANTITRAC animal identification and traceability system nationwide. The system aims to curb cattle theft and improve...
Starting August 1, the U.S. will impose a 30% tariff on South African agricultural exports, including citrus, beef, and wine. South Africa’s citrus...
Kolmanskop offers a haunting blend of lost wealth, colonial history, and the unstoppable force of nature. Located just a few kilometers inland from...
Located about 40 kilometers from Cape Town’s city center, Boulders Beach in Simon’s Town is one of the Cape Peninsula’s most iconic destinations. This...