SSC Group to take 20% stake in Beisa uranium subsidiary

UK-listed Neo Energy Metals is to sell a 30% stake in its South African subsidiary to SSC Group in an empowerment deal valued at R390m.SSC Group will take a 20% stake in Neo Uranium Resources Beisa Mine with an employee and a community trust holding the balance of the empowerment stake.The empowerment groups will pay for the stake using a combination of dividends (SSC Group) and profits (Employee Empowerment Trust and Community Empowerment Trust) generated from the subsidiary company, Neo Uranium Resources Beisa Mine.The value of the stake is calculated on the ‘see-through’ value of Neo Energy’s R500m purchase of Beatix 4 shaft and the Beisa uranium mineral deposit from Sibanye-Stillwater for R500m in December. Of this consideration R250m was in cash and R250m in shares.The transaction makes Sibanye-Stillwater the largest shareholder in Neo Energy Metals with a 40% stake. The platinum and gold miner also has an option to buy outright control of Neo Energy Metals, non-executive chair, Jason Brewer told Miningmx in January.SSC Group (Siyakhula Sonke Empowerment Corporation) was founded in 2005 by Fred Arendse, the former head of transformation for Anglo American Platinum. He said the Beisa deposit was “undoubtedly one of the most advanced high grade uranium mines on the African continent.“We look forward to building the Beisa Uranium Project … into one of the world’s largest uranium producers, while fostering growth and development in South Africa’s minerals sector,” said Arendse.Neo Energy Metals last year consolidated the Beisa resource, situated in South Africa’s Free State province. In addition to buying the Beisa project from Sibanye-Stillwater, it also acquired the adjoining Beisa North and Beisa South Uranium and Gold Projects from Sunshine Mineral Reserves.The post SSC Group to take 20% stake in Beisa uranium subsidiary appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com