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Pan African proposes to acquire tailings retreatment projects
StockMarketWire.com
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Pan African Resources has entered into a conditional sale-of-shares agreements to acquire the total share capital and associated shareholder loans and other claims of Mogale Gold Proprietary and Mintails SA Soweto Cluster Proprietary for a maximum of ZAR50.0 million.
Both Mogale Gold and MSC are 100% owned by Mintails Mining SA Proprietary Limited, which was placed in provisional liquidation in 2018.
The combined Mineral Resources of Mogale Gold and MSC comprise historic tailings storage facilities that contain an estimated 243Mt of tailings with an in-situ grade of 0.30g/t gold, for an estimated gold content of 2.36Moz of gold.
The proposed deals are conditional on due diligence and feasibility studies over a period of six to nine months and consent for the transfer of the mining right by the Department of Mineral Resources and Energy (DMRE), approval from the South African Competition Commission authorities if applicable, and approval for the provisional liquidators to implement the proposed transactions.
Pan African's CEO Cobus Loots said: 'The opportunity to acquire these surface resources complements our strategy of focusing on safe, low cost gold mining opportunities, with the potential to further grow our business by developing projects that meet our stringent investment criteria.'
At 2:35pm: (LON:PAF) Pan African Resources PLC share price was +1.8p at 24.3p
Story provided by StockMarketWire.com
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