Company news in brief
Deep Yellow gets go-ahead for Tumas mineThe ministry of mines and energy has issued the mining licence for Deep Yellow’s flagship Tumas Project in Namibia, the company said in an announcement of the JSE.
The go-ahead ensures Deep Yellow can proceed with confidence to project financing, product marketing and detailed engineering work and, importantly, maintain its timeline for a final investment decision (FID) to be made in the third quarter of next year, the company said.
The licence valid for 20 years from date of issue.
“We are delighted to have received the mining licence for our Tumas Project. This represents another key accomplishment in the progress to develop this significant uranium asset and our overall objective of building Deep Yellow into a reliable, geographically diverse and long-term uranium producer,” said Deep Yellow CEO and managing director John Borshoff.
Madison Metals lists in Frankfurt
Madison Metals Inc., owner of the Khan Project in Namibia, has listed on the Frankfurt Stock Exchange (FSE) in Germany.
The company’s shares are also cross-listed on the Canadian Securities Exchange and on the OTC Markets in the United States.
The company owns the Khan Project at Madison West in Namibia’s highly prospective Erongo uranium province.
Duane Parnham, executive chairman and CEO of Madison Metals, emphasised the importance of this listing, stating: “Madison’s presence in Europe on the FSE will allow our strategic partnership with Euroswiss Equity Group to broaden our investor reach and enhance liquidity, all while we persist in advancing our strategic asset portfolio, which includes our Madison North and Madison West projects in Namibia’s highly prospective Erongo uranium province.”
Sun International inks R7.3bn deal
Sun City-owner Sun International has reached a deal to acquire casino and hotel group Peermont which values that company at about R7.3 billion.
It said the acquisition of Peermont, which owns Emperors Palace Resort, was a "unique opportunity" to build scale and acquire a "world-class and highly cash generative" business.
The Peermont group, which was established in 1995, operates 11 properties across SA and Botswana, as well as the online sports and entertainment betting site PalaceBet.
Sun International, valued at almost R11 billion on the JSE, operates four resorts and hotels in SA: the Maslow in Sandton, the Wild Coast Sun in the Eastern Cape, the Table Bay Hotel, and Sun City in the North West. It also operates nine urban casinos, with at least one in every province except Mpumalanga, with these including Carnival City in Gauteng and the Western Cape's GrandWest. It also has an online offering, SunBet.
Breaking down the purchase price, Sun International said this would be determined with reference to an enterprise value of R7.3 billion, though there are conditions, including profit expectations of the business. Sun International will also assume debt that stood at R4 billion at the end of June, which would increase its South African debt levels to over R13 billion. – Fin24