Northam acquisition of Everest finalised
Northam Platinum is pleased to advise that its acquisition of the Everest operation from Aquarius Platinum South Africa (Pty) Ltd (AQPSA) has been finally concluded. The final step in the transaction, viz the consent in terms of section 11 of the MPRDA, has been obtained. With this final step in place, the Everest mining right has now been transferred to Northam, with the effective date being 8 October 2015. The transaction was first communicated to shareholders on 10 February 2015.
The Everest assets and mining rights were acquired for a total cash purchase consideration of R450 million comprising R400 million for the Everest mining assets and R50 million for the Everest mining right. This final part of the sale will be implemented on 8 October 2015.
Paul Dunne, CEO of Northam, says, “We are pleased to have successfully implemented this key strategic acquisition, which provides Northam with significant long-term organic growth optionality. With Everest now being part of the broader Booysendal mining footprint, Northam is well positioned to assess and prioritise its internal growth opportunities.”
Russell & Associates
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