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Northam Platinum off-loads 20.3% stake in Trans Hex for 81.8M rand

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Northam Platinum off-loads 20.3% stake in Trans Hex for 81.8M rand

Northam PlatinumLtd. has off-loaded its 20.3% stake in diamond producer for a total cash considerationof 81.8 million South African rand, according to a May 9 statement.

The sales transaction represents a 7.6% premium on the 30-dayvolume weighted average price of Trans Hex shares on the day prior to the deal.

"The disposal of this non-core holding is in line with Northam'sstrategy of rationalizing its asset portfolio, and focusing on growing its PGM businessinto shallow, mechanizable orebodies," Northam CEO Paul Dunne commented.

Northam acquired the interest in Trans Hex through a transactionby which Mvela Resources Ltd. became a wholly owned unit in 2011. The company acquiredMvela Resources' remaining assets, including a 20.3% interest in Trans Hex.