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Pan African takes control of Uitkomst Colliery, deal now unconditional

Pan AfricanResources Plc said April 4 that it assumed effective control of theUitkomstColliery in South Africa on April 1 and the acquisition is nowunconditional.

The company settled the revised purchase price of 176million South African rand in full on March 31.

The total net purchase consideration, including workingcapital acquired, equaled about 150 million rand, compared to the consideration of200 million rand.

According to the statement, the Uitkomst Colliery willimplement a black economic empowerment transaction similar to those currentlyin place at Pan African's Barberton and Evander mining operations, which will result in anadditional 9% historically disadvantaged on-­mine ownership.