Pan African Resources PLC (AIM:PAF, OTCQX:PAFRY, JSE:PAN, OTCQX:PAFRF) said the deadline to conclude the Mintails SA transaction has been extended to 30 September 2022 to allow the group to conclude the final parts of its due diligence investigation.
In November 2020, Pan African said it had entered into a conditional agreement to buy Mogale Gold Proprietary Ltd and Mintails’ SA Soweto Cluster Proprietary Ltd (MSC), both 100% owned by Mintails SA, which was placed into provisional liquidation in 2018.
Pan African's definitive feasibility study on the Mogale Gold tailings storage facilities showed that the project has compelling economics and could lift the group's current annual production by more than 25%.
READ: Pan African Resources calls Mogale Gold tailings storage facilities a 'compelling project'
“We believe that Pan African will be in a position to conclude the acquisition of Mogale Gold and MSC in the next month,” said Pan African’s chief executive Cobus Loots.“Our studies and other additional work have demonstrated a compelling opportunity to construct a world-class tailings retreatment operation.”