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4-Traders Homepage  >  Shares  >  London Stock Exchange  >  Pan African Resources plc    PAF   GB0004300496

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Pan African Resources : to Acquire Uitkomst Thermal Coal Mine from Oakleaf Investments and Shanduka Resources

07/01/2015 | 05:36am US/Eastern
Deal Type: Asset Transaction
Deal Country: South Africa
Deal Status: Announced
Deal Value: 15.8700 USD

Deal in Brief

Pan African Resources PLC, a precious metals exploration company, has agreed to acquire Uitkomst thermal coal mine from Oakleaf Investments Holding 109 Proprietary Limited and Shanduka Resources (Proprietary) Limited for ZAR200 million (USD15.87 million) in cash. All companies involved in the transaction are based in South Africa. The acquisition will be funded through Pan African Resources’ existing cash reserves and bank debt. The colliery is located close to the town of Newcastle, South Africa and contains a coal mineral resource of 25.7 million tonnes and currently yields and sells approximately 400,000 tonnes of coal per annum. The transaction is expected to be immediately earnings and cash flow accretive to Pan African Resources. The completion of the transaction is subject to final due diligence, regulatory approvals and other suspensive conditions.

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