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Trans Hex Completes Namaqualand Mines Acquisition
Oct 29, 2014 6:33 AM
By Deena Taylor
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RAPAPORT... Trans Hex has completed its acquisition of the Namaqualand mines from De Beers Consolidated Mines (DBCM). The company announced that the deal closed on October 28.
Emerald Panther Investments (EPI) 78 Ltd. , in which Trans Hex owns a 40 percent interest, acquired all assets and liabilities related to Namaqualand from DBCM with all outstanding conditions precedent fulfilled.
DBCM initially agreed to sell Namaqualand to Trans Hex in a transaction valued at $21.2 million in May 2011. Closure of the deal was delayed subject to the fulfillment of a number of conditions, including all necessary statutory and regulatory approvals.
In September, Emerald Panther Investments signed a sales agreement amendment with DBCM providing for the creation of a special purpose vehicle, which will house the state's 20 percent interest in the project and in EPI.
EPI's acquisition of the Namaqualand mines is expected to increase the life of mine of Trans Hex’s South African operations to 14 years.
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Deena Taylor
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