Pan African sells Mozambiques Manica gold project to focus on South Africa.

By bne IntelliNews August 30, 2012
South African junior miner Pan African Resources said it has agreed to sell its wholly owned Manica gold project in Mozambique to Auroch Minerals Mozambique, a wholly owned subsidiary of Sydney-listed exploration company Terranova Minerals, for a cash consideration of AUD 6mn (EUR 5mn) and a significant stake in Terranova. The disposal of our Manica exploration project allows us to remain focused on our strategy of the development and growth of our South African based operating assets, Pan African CEO Jan Nelson said in a statement. Pan African will use the proceeds from the sale to fund the development of the Bramber tailings treatment project at its Barberton gold mine in Mpumalanga. The deal is subject to a number of terms and conditions and payment will be done in tranches depending on achievement of certain milestones by Manica during a four-year period following the completion of the transaction. Nelson said he believes that the Manica project will turn into a significant gold producing mine and is happy to maintain Pan Africans exposure to the project through its sizable shareholding.

Related Articles

South Africas Exxaro mulls firing striking coal miners.

South African company Exxaro Resources said one of the options it currently considers is dismissing striking coal mine workers who fail to return to work in the week of March 25, fin24 reported ... more

South Africas Telkom says there is no decision to lay off 13,000 employees.

South Africas telecommunication operator Telkom said that it has not made a decision on retrenching 13,000 employees, or more than half of its staff, TechCentral reported quoting a company ... more

BP, Masana Petroleum Solutions sell LPG business in South Africa.

Oryx Energies, a major independent provider of oil and gas products and services in Africa, has agreed to buy the South African liquefied petroleum gas (LPG) distribution businesses of BP and ... more

Notice: Undefined index: subject_id in /var/www/html/application/controllers/IndexController.php on line 335
Dismiss