African Rainbow Minerals Limited signed an agreement to acquire 50% Participation Interest in Nkomati mine from Norilsk Nickel Africa Proprietary Limited for R1 million.

African Rainbow Minerals Limited (JSE:ARI) signed an agreement to acquire 50% Participation Interest in Nkomati mine from Norilsk Nickel Africa Proprietary Limited for R1 million on November 24, 2023. The PSA provides for terms customary in agreements of this nature and includes (amongst other things): (i) limitations on liability and certain negotiated warranties, indemnities and undertakings; (ii) provisions governing the operation of the Nkomati mine during the interim period; and (iii) customary termination rights. The existing partnership agreement between ARM and NNAf in relation to the Nkomati mine will terminate immediately following successful closing of the Transaction on the closing date.

The Transaction is subject to certain conditions precedent, including, but not limited to: - approval from the South African Competition Authorities in terms of the Competition Act, 89 of 1998; and - consent in terms of Section 11 of the Mineral and Petroleum Resources Development Act, 28 of 2002 ("MPRDA"). The Transaction is expected to close during 2024.