Business
Further re RK1 Consortium
Further re RK1 Consortium.
About this update from Pan African Resources Plc
[{"type":"text","content":"\n \n18 May 2010\n\n Pan African Resources PLC \n\n (`Pan African' or the `Company' or the `Group') \n\n(Incorporated and registered in England and Wales under Companies Act 1985 with\n registered number 3937466 on 25 February 2000) \n\n Share code on AIM: PAF \n\n Share code on JSE: PAN \n\n ISIN: GB0004300496 \n\n Update on conditional acquisition of a 25% stake in the RK1 Consortium and \n withdrawal of cautionary announcement \n\nShareholders are referred to the announcement released on, 31 March 2010, in\nwhich Pan African advised that it had signed a conditional Sale and Purchase\nAgreement with Ivanhoe Nickel and Platinum Limited to acquire a 25% interest in\nthe RK1 Consortium (`RK1') (the `Transaction'). RK1 owns a Chromite Tailings\nRetreatment Plant ('CTRP') situated at Kroondal on the Western Limb of the\nBushveld Complex in the North West Province of South Africa, which produces\nPlatinum Group Metals concentrate.\n\nThe Transaction was subject to, inter alia, the successful completion of a\ntechnical and financial due diligence investigation (`Due Diligence') by Pan\nAfrican. Subsequent to the completion of the Due Diligence, the Company has\nelected not to proceed with the Transaction.\n\nThis decision will not affect the interim Exclusivity and Agreed Terms\nAgreement (the `Agreement`) entered into on 17 February 2010 between Pan\nAfrican, its wholly-owned subsidiary Phoenix Platinum Mining (Pty) Limited\n(`Phoenix`) and International Ferro Metals SA (Pty) Ltd (`IFM`) which relates\nto the siting and construction of the Phoenix CTRP on the IFM Mine Property.\nThis is progressing ahead of schedule and first production is still planned for\nSeptember 2011.\n\nWithdrawal of cautionary announcement\n\nShareholders are referred to the cautionary announcement first released on 31\nMarch 2010 and subsequently renewed on 30 April 2010, and in terms of the\nListings Requirements of JSE Limited are advised that, as the company has\nelected not to proceed with the Transaction, caution is no longer required to\nbe exercised when dealing in the Company`s securities.\n\n ENDS \n\nFor further information on Pan African Resources please visit the website at\nwww.panafricanresources.com\n\nEnquiries: \n \nPan African Resources \n \nJan Nelson, Chief Executive Officer \n \n+27 (0) 11 243 2900 \n \nNicole Spruijt, Public Relations ...