| Fri 1 Jul 2011, 13:26 | | PAN - Pan African - Phoenix Platinum Project Ahead of Schedule Concluding Final |
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PAN
PAN
PAN - Pan African - Phoenix Platinum Project Ahead of Schedule Concluding Final
Commissioning Payment to IFM
Pan African Resources PLC
(`Pan African` or the `Company` or the `Group`)
Incorporated and registered in England and Wales under Companies Act 1985 with
the registered number: 3937466 on 25 February 2000
Share Code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496
Phoenix Platinum Project Ahead of Schedule
Concluding Final Commissioning Payment to IFM
Pan African Resources, the African focused precious metals producer, announces
that an early settlement payment of ZAR27.29 million (GBP2.5 million) to
International Ferro Metals SA (Pty) Ltd (`IFM`) has been made.
As announced on 5 November 2010, the agreement to construct the Phoenix Platinum
(Pty) Limited Chrome Tailings Retreatment Plant (`CTRP`) on IFM`s Lesedi
property detailed that Pan African would pay the total consideration of ZAR80
million to IFM in four tranches, as follows:
- ZAR25 million (GBP2.24 million) payable upon signature of the agreement.
Payment was made on 9 November 2010;
- ZAR25 million (GBP2.24 million) payable on commencement of the first bulk
earthworks on the site. Payment was made on 22 March 2011;
- ZAR29.5 million (GBP2.7 million) payable on the commissioning of the CTRP.
An early settlement payment of ZAR27.29 million (GBP2.5 million) was made
on 30 June 2011, in accordance with a negotiated 7.5% early settlement
discount of ZAR2.21 million (GBP203,000) on the commissioning payment,
which payment was scheduled for January 2012; and
- A final amount of ZAR500,000 (GBP46,000) for the purchase of the CTRP site
is payable upon transfer of the property which is expected to conclude in
the last quarter of calendar year 2011.
Cold commissioning of the CTRP is ahead of scheduled with first production
expected during December 2011.
Johannesburg
1 July 2011
JSE Sponsor:
Macquarie First South Advisers (Pty) Limited
Enquiries:
South Africa UK
Pan African RBC Capital Markets
Jan Nelson, Chief Executive Martin Eales
Officer +44 (0) 20 7653 4000
+27 (0) 11 243 2900
Pan African St James`s Corporate
Nicole Spruijt, Public Services Limited
Relations Phil Dexter
+27 (0) 11 243 2900 +44 (0) 20 7499 3916
Macquarie First South Gable Communications
Advisers (Pty) Ltd Justine James
Yvette Labuschagne/Annerie +44 (0)20 7193 7463
Britz/ Melanie de Nysschen
+27 (0) 11 583 2000
Date: 01/07/2011 13:26:00 Produced by the JSE SENS Department.
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