LONDON: Kazera Global plc (AIM: KZG) has entered into an agreement with Tectonic Gold PLC to purchase Tectonic’s 10% shareholdings in both Deep Blue Minerals (Pty) Ltd (“DBM”) and Whale Head Minerals (Pty) Ltd (“WHM”), along with Tectonic’s economic interest in loans it has with WHM’s Black Economic Empowerment (“BEE”) partners.
This will bring Kazera’s beneficial interest in WHM to 70% and its beneficial interest in DBM to 74%.
Dennis Edmonds, Chief Executive Officer of Kazera Global plc commented: “We will always be grateful to Tectonic for having initially identified the opportunity that makes up our assets in South Africa.
With Tectonic’s strategic focus now lying in other areas, we are incredibly fortunate to have the opportunity to increase our stakes in both Deep Blue Minerals and Whale Head Minerals at a time when both projects are expected, very shortly, to be in production.
“The finalisation of the NNR permit is the last external hurdle to be overcome before HMS production can commence. At that point, we will be in a position to furnish potential off takers with accurate samples of our products and then finalise the all-important offtake agreements.
“This is a very exciting time for the whole Kazera team including shareholders, management and employees. It is a great time to be increasing our stake in our South African assets and I eagerly await the receipt of the NNR permit so that HMS production can commence.”