Trans Hex, DBCM sale agreement amendments signed
JOHANNESBURG (miningweekly.com) – Amendments to JSE-listed Trans Hex’s 40%-owned subsidiary Emerald Panther Investments (EPI) agreement to acquire De Beers Consolidated Mines’ (DBCM’s) Namaqualand Mines, have been signed, providing for the creation of a special purpose vehicle (SPV) to house the State’s 20% interest in the project.
Aside from Trans Hex and the SPV’s combined 60% shareholding, the remainder of the project would be held by asset management companies RECM and Calibre, which would hold 27.2%, Dinoka Investment Holdings which would own 8.8%, and the Namaqualand Diamond Fund Trust which would have a 4% interest.
Trans Hex pointed out in a statement to shareholders on Thursday that the implementation of the Namaqualand Mines transaction remained conditional on the approval of revised loan terms by the Industrial Development Corporation, which previously approved R189-million in funding for the project.
Pending the IDC’s reapproval, the diamond miner’s own direct financial commitment to the transaction would amount to about R55-million.
The transaction was also still conditional on the notarial execution of the cession by DBCM of the mining and prospecting rights acquired pursuant to the Namaqualand Mines transaction, into the name of EPI.
“The acquisition by EPI of Namaqualand Mines will increase the life-of-mine of Trans Hex’s South African operations to 14 years. In addition, the start of operations at Namaqualand Mines will provide much needed employment in the region,” Trans Hex CEO Llewellyn Delport commented.
The transaction was expected to become effective on October 31.
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