South Africa-based diamond company Trans Hex has secured the approval from the Department of Mineral Resources (DMR) for the acquisition of the Namaqualand Mines in the country.
The mines were acquired by Trans Hex’s 50%-owned venture Emerald Panther Investments 78 from De Beers Consolidated Mines for SAR166m ($18.2m).
Despite the approval of the transaction from the DMR, the company stated, that the acquisition was conditional to certain precedent terms, reported the Mining Weekly.
The terms include – the successful agreement with DMR in retaliation to the department’s interest in the mines alongside an approval from Trans Hex’s stakeholders.
Both the companies had earlier entered into the acquisition agreement for the mines, excluding certain low priority assets such as the Buffels Marine Complex.
The transaction will be executed in ten working days following the fulfillment of all the conditions, expected to take three-six months time.
Trans Hex has noted that the parties were yet to finalize the pro forma financial effects and certain other aspects of the proposed transaction.