Pan African makes early payment for Phoenix project
Africa-focused precious metals producer Pan African Resources has made an early settlement payment of R27.29-million to International Ferro Metals (IFM) South Africa in terms of the agreement to develop the Phoenix project tailings retreatment plant.
Pan African’s Phoenix platinum project is on IFM’s Lesedi property, near Rustenburg, in the North West. Pan African feeds off the IFM tailings to extract platinum from chrome tailings.
Pan African Resources operations manager Ron Holding reports that the payment is in line with guidance announced on November 5, 2010.
“The agreement to construct the Phoenix retreatment plant on IFM’s Lesedi property was on condition that Pan African would pay the total consideration of R80-million to IFM in four tranches,” says Holding.
Pan African made an initial payment of R25-million in November 2010 when it signed the initial agreement. A second payment of R25-million in March 2011 was outlined to be payable at the start of the first bulk earthworks on the site.
“The early payment was for the third tranche, as outlined by the agreement. “Pan African was only supposed to pay the R29.5-million on the commissioning of the Chome Tailings Retreatment Plant. “However, the company negotiated an early payment discount of 7.5% with IFM. “The R27.29-million was paid on June 30, 2011. Commissioning of the plant is still on course for its 2012 target date,” says Holding.
This means that Pan African has only one more payment of R500 000, which is due to be made on transfer of the property.
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