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Pan African Resources PLC - gold producer - Agrees to acquire Mogale Gold Pty Ltd and Mintalis SA Soweto Cluster Pty Ltd for up to ZAR50 million, or USD3.1 million. Both businesses comprise tailings storage facilities which contain an estimated 243 million tonnes with an in-situ grade of 0.30 grams per tonne of gold, for an estimated gold content of 2.36 million ounces.
Acquisition is subject to due diligence and feasibility studies over a period of six to nine months, as well as regulatory approval from the Department of Mineral Resources and Energy and the South African Competition Commission authorities.
"The opportunity to acquire these surface resources complements our strategy of focusing on safe, low cost gold mining opportunities, with the potential to further grow our business by developing projects that meet our stringent investment criteria," said Chief Executive Officer Cobus Loots.
Current London stock price: 23.99 pence
Year-to-date change: up 100%
Current Johannesburg stock price: ZAR5.05
Year-to-date change: more than 100% from ZAR2.16
By Dayo Laniyan; dayolaniyan@alliancenews.com
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