Northam eyes Everest Mining Assets

File photo: Reuters

File photo: Reuters

Published Apr 23, 2015

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Johannesburg - Northam Platinum said on Thursday that the initial stages of its planned purchase of Everest Mining Assets had become unconditional and that the acquisition would take place on June 26 for R400-million cash.

“The Part A completion gives Northam management early access to the Everest assets, and gives us the opportunity to start the integration process with the existing Booysendal operation. With the conclusion of this step we will be in a position to start extracting value and developing the new Booysendal South mine,” Northam Chief Executive Paul Dunne said in a statement.

Northam first announced its acquisition plans in February. It also plans to acquire Everest Mining Right for R50-million but this is conditional on the minister of mineral resources granting consent for the transfer of the Everest Mining Right to Northam in terms of section 11 of the Mineral and Petroleum Resources Development Act, No. 28 of 2002.

ANA

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