RAPAPORT... De Beers Consolidated Mines entered into an amended sales agreement with Trans Hex for the Namaqualand Mines in South Africa. The parties agreed to amend the Namaqualand Mines' asset package for which De Beers will retain the Buffels marine mining rights, while Trans Hex will acquire the balance of the Namaqualand Mines mining and prospecting rights and associated environmental rehabilitation liabilities.
The transaction on this restructured asset package, excluding Buffels, is valued at $20 million (ZAR 166 million). Both parties have also entered into an option agreement through which Tran Hex's subsidiary, Emerald Panther Investments, could assume ownership of Buffels within the next four years and will also have an additional two-year preemptive period to acquire Buffels if a transaction does not close.
De Beers and Trans Hex entered into a sales agreement for Namaqualand on May 6, 2011.