https://www.miningweekly.com

Galane, Vantage extend date by which binding acquisition agreement to be signed

21st June 2017

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

     

Font size: - +

JOHANNESBURG (miningweekly.com) – TSX-V-listed miner Galane Gold and South Africa-focused Vantage Goldfields have agreed to extend the date by which a binding acquisition agreement between the parties will be executed to June 26.

The miners in May signed a letter of intent (LoI) agreeing that Galane acquire all of Vantage’s outstanding shares.

At the time, Galane CEO Nick Brodie said the proposed acquisition would reshape the company into a long-life and low-cost producer. The package includes the beleaguered Lily mine, in Barberton, South Africa, which remains closed after a container, with three employees inside, became trapped following a February 2016 crown pillar collapse.

Vantage’s Barbrook operations also remain suspended, owing to financial difficulties.

However, Galane believed that with the Vantage mines located within 30 km of its existing operations at Galaxy Gold, it would be able to leverage synergies between the mines to create an operating asset in the Barberton area, resulting in a combined resource exceeding 5.8-million ounces.

Earlier this month, Galane said it would issue $20-million to Lily mine business rescue practitioner Rob Devereux to resume rescue operations for the remains of the three employees at the mine, as well as pay workers their outstanding wages and resume operations.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Showroom image
Alcohol Breathalysers

Supplier & Distributor of the Widest Range of Accurate & Easy-to-Use Alcohol Breathalysers

VISIT SHOWROOM 
SBS Tanks
SBS Tanks

SBS® Tanks is a leading provider of innovative water security solutions with offices in Southern Africa, East and West Africa, the USA and an...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024
Resources Watch
Resources Watch
17th April 2024

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.117 0.157s - 106pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: