So, the conditional part of this takeover is:
the conclusion of certain ongoing commercial transactions including completion of the North BlockComplex and Eloff acquisition transactions (details of which were announced on 8 March 2018 and 12July 2017 respectively, with an update on each transaction provided in the Company’s September 2018Quarterly Report announced on 23 October 2018), and the receipt of a mining right in respect of Eloff.
Now the quarterly:
NBC
During the quarter, the Company received the granting of the Section 11 approval for the transfer to the MiningRight for the GLISA and Eerstellingsfontein mining rights from Exxaro to NBC. The Company awaits the gratingof the Mining Right and the Section 11 transfer for the Paardeplaats project to finalise the acquisition of theNBC transaction.
Eloff
The Company has applied for the required mining right and environmental authorisation and is in the process oflodging an application for an integrated water use licence for the Eloff Project. The company is confident thatthese approvals will be granted by the time the Kangala resource reaches its end of life.
It's hard to see either of these things being resolved in the near term, so this takeover could take a while.
