JOHANNESBURG (miningweekly.com) – JSE- and Aim-listed Pan African Resources has entered into exclusive negotiations with the joint administrators of ASA Resource Group with a view to acquiring some of its assets and liabilities.
Pan African noted in a statement on Monday that there could be no certainty that an acquisition would be concluded.
ASA reported in July 2017 that it was facing cash constraints as a result of currency restrictions imposed by the Reserve Bank of Zimbabwe, which resulted in ASA not receiving adequate cash from its operating subsidiaries to meet its liabilities.