Pan African Resources has acquired the total share capital and claims of Mogale Gold and Mintails SA Soweto Cluster (MSC) for $2.8 million.
Both Mogale Gold and MSC are wholly-owned by Mintails Mining SA, which was placed in provisional liquidation in 2018.
Pan African recently completed a definitive feasibility study on the Mogale Gold tailings storage facilities, which demonstrated compelling economics and the potential to significantly increase group gold production over an initial life of mine of 13 years.
Re-mining of the MSC tailings storage facilities has the potential to add further production upside.
Meanwhile, Pan African said it has agreed to a credit approved and underwritten term sheet with FirstRand Bank for $80 million of senior debt for part funding of the project’s construction.
The company said it is in the process of evaluating several additional funding options for the balance of the capital budget requirement.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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