Pan African Resources jumps after good deal for tailings treatment unit
PAN African Resources bucked Tuesday’s stock market downtrend, gaining as much as 4% to R4.10. The company said the new owner of the property on which its tailings treatment subsidiary, Phoenix Platinum Mining, was located, had offered it a similar deal to the old owner.Phoenix was situated on property previously owned by the South African operation of International Ferro Metals, which went into business rescue.Pan African Resources said the buyer of the property, Samancor Chrome’s subsidiary TC Smelters, had agreed to allow Phoenix to continue accessing water, electricity and other services.The new agreement does not, however, guarantee that Phoenix can continue treating feedstock created by the mine.Pan African Resources said Phoenix had alternative sources of feedstock, which it processed during the business rescue proceedings."Although Phoenix was not solely reliant on material from International Ferro Metals SA, the business rescue proceedings created a number of uncertainties ...
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