Amandelbult resource acquisition becomes unconditional and conclusion of the Pandora joint venture disposal
- Published on 13 December 2017
Amandelbult resource acquisition
Northam shareholders (“shareholders”) are referred to the announcement published on SENS on 11 October 2016 in respect of the acquisition by Northam of a portion of the Amandelbult mining right, contiguous with the north western boundary of Northam’s Zondereinde mine, for a cash consideration of R1 billion (the “Amandelbult transaction”). Shareholders are further referred to the announcement published on SENS on 25 August 2017 informing shareholders that consent from the Minister of Mineral Resources in terms of section 102 of the Mineral and Petroleum Resources Development Act, No. 28 of 2002 for the Amandelbult transaction had been received.
Northam is pleased to announce that the Amandelbult transaction has subsequently become unconditional and the transfer of the mining right was executed on 6 December 2017.
Pandora joint venture disposal
In addition, shareholders are referred to the announcement published on SENS on 15 May 2017 in respect of the disposal of Northam’s 7.5% participation interest in the Pandora joint venture (“Disposal”). Shareholders are hereby advised that the Disposal was concluded on 1 December 2017.
Paul Dunne, Northam’s Chief Executive Officer, said “Northam is pleased to have concluded the Amandelbult transaction, providing immediate access to a high quality resource that secures strategic flexibility, optionality and longevity at Zondereinde.”
13 December 2017
Corporate Advisor, Sponsor and Debt Sponsor:
Attorneys: Cliffe Dekker Hofmeyr Inc.