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Pan African completes Evander acquisition

15th February 2013

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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JOHANNESBURG (miningweekly.com) – Johannesburg- and London-listed Pan African Resources would take control of the Evander gold mine, in Mpumalanga, on February 28, after securing the Department of Mineral Resources’ (DMR’s) approval for the acquisition.

The precious metals miner said the Mineral and Petroleum Resources Development Act Section 11 approval was the final condition of the R1.5-billion deal with gold miner Harmony.

“We are delighted to finally take full control of Evander – a world-class orebody – and an exceptional team of people will ensure that Pan African continues to deliver profitable, sustainable stakeholder growth,” Pan African CEO Jan Nelson said on Friday.

Evander, with an anticipated life-of-mine of more than ten years, had an expected yearly gold production profile of about 100 000 oz and provided the company with the potential for significant growth opportunities and flexibility.

Pan African was targeting 250 000 oz/y of gold production and 50 000 oz/y of platinum-group elements surface tailings production throughout its operations.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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