Acquisition of Eland Platinum mine becomes unconditional
Northam shareholders are referred to the announcement published on SENS on 24 February 2017 in respect of the acquisition by Northam of the Eland Platinum mine, for a cash consideration of R175 million (the “Eland transaction”), subject to the fulfilment of certain conditions precedent.
Northam is pleased to announce that the Eland transaction has become unconditional. Northam will acquire full ownership of the Eland mine and ancillary infrastructure via Eland Platinum (Pty) Limited (“Eland Platinum”), a wholly-owned subsidiary of Northam.
Northam will operate Eland Platinum on a fully integrated mine to market basis. PGM concentrate produced at Eland mine will be beneficiated at Northam’s Zondereinde smelter complex.
Paul Dunne, Northam’s Chief Executive Officer, said “Northam is well advanced in developing its mine plan for Eland and is looking forward to recommissioning the mine to unlock the potential of this large, shallow resource. The Eland transaction further diversifies Northam’s asset footprint and significantly enhances the long-term optionality and flexibility of Northam’s asset portfolio.”
30 January 2018
Corporate Advisor, Sponsor and Debt Sponsor: One Capital
Attorneys: Cliffe Dekker Hofmeyr Inc.