[miningmx.com] — KEATON Energy announced on Friday the completion of its transaction to takeover a 74% stake in Leeuw Mining & Exploration (LME).
“Shareholders are advised that the transaction has now become unconditional and has accordingly been implemented,” read a company statement.
Keaton in February announced its intention to acquire LME for R74.8m, which was payable mainly in new shares.
MD Paul Miller told Miningmx at the time that the main advantages of the deal were that it gave Keaton direct access to the export market as well as ownership of a number of projects which were well advanced in their development.
LME owns and operates the Vaalkrantz Anthracite Colliery near Vryheid in KwaZulu Natal. Vaalkrantz has been in production since 2003.
In addition, LME has:
– a renewed 200,000tpa participation in Richards Bay Coal Terminal’s Quattro export programme and a dedicated railway siding facility near Vaalkrantz;
– a number of new order mining rights and mining right applications over other KwaZulu Natal properties, including: the Koudelager anthracite project, which will provide future run-of-mine anthracite production to the Vaalkrantz plant; the Braakfontein thermal coal project, near Newcastle; as well as the Balgray anthracite project near Utrecht.
Keaton Energy has also strengthened its operational management team by
appointing Hilton Papenfus (52) as General Manager: Operations, responsible
for both the Vanggatfontein and Vaalkrantz mines.
“Mr Papenfus is an experienced mining engineer with more than 30 years’ experience in both major and junior coal mining companies,” read the statement.