Northam CEO Paul Dunne
Photo by: Duane Daws
JOHANNESBURG (miningweekly.com) – Platinum miner Northam Platinum has sold its 20.3% interest in diamond miner Trans Hex to Business Venture Investments No 1952 for R81.8-million.
Northam had acquired the stake in Trans Hex through its June 2011 acquisition of Mvelaphanda Resources.
“The disposal of a noncore asset for cash provides additional funding for Northam to pursue its growth strategy in a focused platinum-group metals portfolio,” Northam CEO Paul Dunne said in a statement on Monday.
The proceeds equated to a 7.6% premium to the 30-day volume weighted average price of a Trans Hex share traded on the JSE.