Business
Correction : Statement re Phoenix Platinum Project
Correction : Statement re Phoenix Platinum Project.
About this update from Pan African Resources Plc
[{"type":"text","content":"\n \nFinal bullet point has been amended to read\n• A final amount of ZAR500,000 (GBP46,000) for the purchase of the CTRP site is\npayable upon transfer of the property which is expected to conclude in the last\nquarter of calendar year 2011.\n\n\n\n1 July 2011\n\n Pan African Resources PLC \n\n (`Pan African' or the 'Company' or the `Group') \n\nIncorporated and registered in England and Wales under Companies Act 1985 with \n the registered number: 3937466 on 25 February 2000 \n\n Share Code on AIM: PAF / JSE: PAN \n\n ISIN: GB0004300496 \n\n Phoenix Platinum Project Ahead of Schedule \n\n Concluding Final Commissioning Payment to IFM \n\nPan African Resources, the African focused precious metals producer, announces\nthat an early settlement payment of ZAR27.29 million (GBP2.5 million) to\nInternational Ferro Metals SA (Pty) Ltd (`IFM') has been made.\n\nAs announced on 5 November 2010, the agreement to construct the Phoenix\nPlatinum (Pty) Limited Chrome Tailings Retreatment Plant (`CTRP') on IFM's\nLesedi property detailed that Pan African would pay the total consideration of\nZAR80 million to IFM in four tranches, as follows:\n\n * ZAR25 million (GBP2.24 million) payable upon signature of the agreement.\n Payment was made on 9 November 2010;\n \n * ZAR25 million (GBP2.24 million) payable on commencement of the first bulk\n earthworks on the site. Payment was made on 22 March 2011;\n \n * ZAR29.5 million (GBP2.7 million) payable on the commissioning of the CTRP.\n An early settlement payment of ZAR27.29 million (GBP2.5 million) was made\n on 30 June 2011, in accordance with a negotiated 7.5% early settlement\n discount of ZAR2.21 million (GBP203,000) on the commissioning payment,\n which payment was scheduled for January 2012; and\n \n * A final amount of ZAR500,000 (GBP46,000) for the purchase of the CTRP site\n is payable upon transfer of the property which is expected to conclude in\n the last quarter of calendar year 2011.\n \nCold commissioning of the CTRP is ahead of scheduled with first production\nexpected during December 2011.\n\nEnquiries:\n\nSouth Africa UK \n \nPan African RBC Capital Markets \n \nJan Nelson, Chief Executive Officer Martin Eales \n \n+27 (0) 11 243 2900 +44 (0) 20 7029 7881 \n \nPan African St James's Corporate Services Limited \n \nNicole Spruijt, Public Relations Phil Dexter \n \n+27 (0) 11 24...