Trans Hex says resolution to Namaqualand mines deal reached
JOHANNESBURG (miningweekly.com) – JSE-listed diamond company Trans Hex was nearing the completion of the much-delayed move to buy out the Namaqualand Mines from De Beers Consolidated Mines (DBCM).
An amended sales agreement would enable Trans Hex subsidiary Emerald Panther Investments (EPI) to conclude the transaction and deal – through a special purpose vehicle (SPV) – with the South African government retaining its 20% ownership of the operations.
Trans Hex, which would become the mine’s operator for a management and marketing fee equal to 5.5% of sales, and DCBM amended the sales agreement for buying the mining operations for R166-million.
The SPV, capitalised by DBCM, would house the State’s 20% interest.
EPI, which secured R189-million in start-up capital from the Industrial Development Corporation, would include the SPV in EPI’s shareholding structure as a 20% stakeholder.
Trans Hex would engage directly with the State to agree the manner in which the State would hold its housed 20% interest in the Namaqualand Mines.
A R166-million rehabilitation insurance instrument, approved by the Department of Mineral Resources, was also obtained.
Trans Hex’s direct financial commitment to the transaction would now be R60-million.
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