The Department of Mineral Resources (DMR) has approved the R166-million acquisi- tion of De Beers Consolidated Mines’ Namaqualand Mines by diamond-mining group Trans Hex’s 50%-held joint venture company, Emerald Panther Invest-ments 78.
Although all the necessary statutory and regulatory approvals required for entering into and implementing the proposed transaction had now been obtained, the proposed trans- action remained subject to 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.
Conditions PrecedentThe proposed transaction would be implemented ten business days after the fulfilment or, where appropriate, waiver of all 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.