Northam exits Pandora Joint Venture
…sustains focus on core operations…
Johannesburg, Monday 15 May 2017. Northam Platinum Limited (Northam) announced today that it has entered an agreement to sell its 7.5% stake in the Pandora joint venture (JV) to Lonmin’s Eastern Platinum Limited for a cash consideration of R45.6 million.
Northam chief executive Paul Dunne commented that the minority interest in the Pandora JV was not core to Northam’s business. “With the unfolding of our growth strategy, we wish to concentrate our resources and efforts on our wholly-owned, managed operations and highly prospective projects in the pipeline.”
Amongst other conditions precedent, the transaction is subject to consent from the Minister of Mineral Resources in terms of section 11 of the Mineral and Petroleum Resources Development Act, No. 28 of 2002, and approval from Lonmin’s lending banks.
Distributed by Russell & Associates
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Note to editors
Northam’s interest in the Pandora JV is held by its wholly-owned subsidiary Mvelaphanda Resources Proprietary Limited. The interest in Pandora date back to 2002 to a prior black empowerment transaction conducted by Mvelaphanda Resources Limited with Anglo Platinum Limited, Lonmin’s Eastern Platinum Limited, and the Bapo ba Mogale community.