SA Pan African says EUR 127mn purchase of Evander becomes unconditional.

By bne IntelliNews February 18, 2013
South African junior miner Pan African Resources said the ZAR 1.5bn (EUR 127.7mn) acquisition of Evander Gold Mines from Harmony Gold Mining has become unconditional and it would assume effective control over Evander on February 28, 2013. The deal, which was agreed in May 2012, will help Pan African more than double its annual output to nearly 200,000 ounces of gold. Pan African CEO Jan Nelson said that Evander has also a project pipeline that provides for significant growth possibilities and flexibility. Harmony CEO Graham Briggs said that the proceeds from the Evander sale would further strengthen Harmonys cash position. Pan African operates the Barberton gold mines and the Phoenix platinum recovery operation, where it treats tailings from chrome company International Ferro Metals. Underground gold production at Barberton stood at 42,808 ounces in H1, nearly unchanged y/y. Harmony Gold, South Africa's third largest gold producer, expects an annual output of 1.2 million ounces for the fiscal year to end-June 2013.

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