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Rockwell’s Remhoogte and Saxendrift sold to Nelesco Proprietary 318 for R45 million

26 december 2016

Rockwell sealed a deal to sell its Remhoogte and Saxendrift diamond mines to Nelesco Proprietary 318 as part of its recently announced strategic repositioning and business turnaround plans. The diamond miner is expected to receive a cash payment of R45 million. The sale will involve the transfer of 98 employees.
In a statement released last week Rockwell said the payment will be made in three tranches, the first being R20 million upon the completion of certain suspensive conditions, expected by January 31, 2017, the second  being R15 million due on  completion of the registration of the Saxendrift farm in the name of Nelesco, and the balance of R10 million upon the completion of and consents to assign certain contracts, the Section 11 transfer approval of the mineral properties to the name of Nelesco as well as the consent of the Takeover Regulation Panel of South Africa.
During the period up to completion of all conditions, Nelesco will operate on a contract mining basis with a royalty payable to the Company of 2.5% of revenue from diamonds recovered from properties covered by the transaction and be responsible for any related rehabilitation liabilities.
In addition, the transaction provides for the lease of the Saxendrift office and accommodation complex back to the Company for a period of twenty years as well as access to water. The Company will provide electricity to Nelesco at cost.
“This transaction represents a significant milestone in our repositioning plans for the ‘new Rockwell,’ explains the CEO Tjaart Willemse. “It not only brings in cash in addition to the recently announced funding by two of the key shareholders and a third party, but also disposes of non-core assets and associated liabilities, leaving the new Rockwell to focus on completing the next phase and ramp up of the Wouterspan mine and processing plant and advance its portfolio of development and exploration properties. The transfer of 98 employees also assists with our employee right sizing initiative and reduces the number of retrenchees.”
“I am very appreciative of the support we are getting from our investors and commercial suppliers and particularly our employees during this challenging time, and with this transaction now well advanced to completion stage, and our plant expansion and commissioning in progress, we are excited by what the new Rockwell will deliver,” he added.

Theodor Lisovoy, Rough&Polished, Moscow