JOHANNESBURG (miningweekly.com) – The Department of Mineral Resources (DMR) has approved the R166-million acquisition of De Beers Consolidated Mines’ (DBCM’s) Namaqualand Mines, in South Africa, by diamond-mining group Trans Hex’s 50%-held joint venture company Emerald Panther Investments 78.
Although all the necessary statutory and regulatory approvals required for entering into and implementing the proposed transaction had now been obtained, the proposed transaction remained conditional on certain conditions precedent.
These included the parties reaching an agreement with the DMR in relation to the department`s interest in Namaqualand Mines and approval of the proposed transaction by Trans Hex shareholders.
The proposed transaction would be implemented ten business days after the fulfilment or, where appropriate, waiver of all of the conditions precedent, which was expected to be within three to six months.
However, Trans Hex noted that certain aspects of the proposed transaction, as well as the pro forma financial effects, had not yet been finalised.