Northam Platinum receives approval to remove Khumama as guarantor
JOHANNESBURG (miningweekly.com) – Platinum miner Northam Platinum on Friday said 97.7% of all noteholders under its R2-billion domestic medium-term note programme approved a proposed amendment to its noteholders’ guarantee agreement.
The amendment and restatement of the existing applicable pricing supplements and the schedules would also remove Khumama Platinum as a guarantor.
Khumama is a wholly-owned subsidiary of Northam which was part of Northam’s acquisition of the Booysendal mine, in 2008, from Mvelaphanda Resources.
“Khumama is, for all intents and purposes, a dormant private company. Accordingly, the proposed amendment will not adversely affect the guarantee detailed in the existing applicable pricing supplements,” the company said in a statement.
Northam is seeking to have Khumama voluntarily wound up in accordance with Section 80 of the Companies Act 71, following the unbundling by Khumama of its shares in Booysendal Platinum to Northam.
Booysendal will continue as a wholly owned subsidiary of Northam and a guarantor pursuant to the amended and restated applicable pricing supplements – the proposed amendment will simplify Northam’s group structure and remove administration costs associated with Khumama going forward.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation