Pan African expects to complete Mintails due diligence by end-September
Aim- and JSE-listed Pan African Resources says the deadline for fulfilling remaining conditions related to its acquisition of two assets from Mintails South Africa has been extended to September 30.
The prior extended deadline was August 31; however, the company needed more time to conclude final aspects of its due diligence investigation.
CEO Cobus Loots says Pan African will be in a position to conclude the acquisition of the Mogale Gold and Mintails South African Soweto Cluster (MSC) assets in the next month.
“Our studies and other additional work have demonstrated a compelling opportunity to construct a world-class tailings retreatment operation, and we look forward to updating the market in due course,” he adds.
The Mogale and MSC assets, located in Gauteng’s West Rand area, are both wholly owned by Mintails, which was placed into provisional liquidation in 2018.
After signing a R50-million deal with the provincial liquidator of Mintails in mid-2021, Pan African completed a definitive feasibility study on the Mogale Gold tailings storage facilities and announced the result on June 30, finding that the project has compelling economics and significant production potential for the group.
The combined mineral resources of Mogale Gold and MSC contain an estimated 243-million tonnes of tailings, grading 0.30 g/t gold, for an estimated 2.36-million ounces of gold.
Pan African’s focus for the foreseeable future is on high-margin tailings retreatment and progressing the Mintails assets in the same manner as it did its Barberton, Evander and Elikhulu tailings retreatment plans, which all had a payback period of between 18 months and three years after operations started.
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