JSE-listed platinum miner Northam Platinum has concluded its R450 million acquisition of the Everest operation from Aquarius Platinum South Africa, taking it a step closer to quickly expanding its PGM output from within its Booysendal mine.
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 comprised R400 million for the Everest mining assets and R50 million for the Everest mining right.
“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,” says Paul Dunne, CEO of Northam.