Northam is pleased to advise that its acquisition of the Eland platinum mine (Eland) from Glencore Operations South Africa (Glencore) has been finalised and has become unconditional.
Northam first advised shareholders of the acquisition of Eland on 24 February 2017 for a cash consideration of R175 million which secures full ownership of the Eland mine and infrastructure, through Eland Platinum, a wholly-owned Northam subsidiary.
Northam will operate Eland Platinum on a fully integrated mine to market basis. PGM concentrate produced at Eland mine will be processed at Northam’s Zondereinde smelter complex.
Paul Dunne, Northam’s Chief Executive Officer, said:
“Northam is well advanced in developing its mine plan for Eland and is looking forward to recommissioning the mine to unlock the potential of this large, shallow resource with fully developed infrastructure. The Eland transaction further diversifies Northam’s asset footprint and significantly enhances the long-term optionality and flexibility of Northam’s asset portfolio.”