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Metals One PLC, a developer of critical and precious metals, has announced its plans to acquire full ownership of the South African gold and power business, Lions Bay Resources (LBR), in a deal valued at £6.5 million. The transaction will be conducted through an all-shares agreement, with the former chief executive of Harmony Gold, Graham Briggs, poised to take on the role of chair.
The acquisition will be executed in two stages. Initially, Metals One will exercise its existing option to increase its stake in LBR from 30% to 49.99%. Subsequently, they will acquire the remaining 50.01% from Lions Bay Capital (LBI) and Salamander Consulting. The vendors will be compensated with 500 million new Metals One shares, priced at 1.3 pence each, along with 125 million warrants exercisable at 3 pence over three years.
The centerpiece of this acquisition is the Barbrook Gold Mine, located in Mpumalanga Province, South Africa. LBR is in the process of securing this asset through a business rescue process. Barbrook boasts a historical resource of 2.1 million ounces of gold, complemented by an existing processing plant and necessary infrastructure.
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Additionally, LBR owns a cogeneration plant in Newcastle, South Africa. This facility, equipped with a 6-megawatt steam turbine, has an independently assessed replacement value of US$39.6 million. The plant is expected to significantly offset the power requirements of the Barbrook Gold Mine.
Metals One is targeting the commencement of gold concentrate production at Barbrook within six months of finalizing the acquisition. The existing plant and infrastructure at the site will be utilized to facilitate this production.
Managing Director Daniel Maling described the acquisition as “a truly transformational transaction,” emphasizing the culmination of 18 months of dedicated financing and business development efforts. Metals One also plans to provide up to an additional US$15 million to LBR to aid in the completion of the Barbrook asset acquisition, pending agreement and regulatory approval.
In conjunction with the acquisition, Graham Briggs is set to be appointed as the non-executive chair of Metals One. Briggs, a former chief executive of Harmony Gold, brings extensive experience from his tenure leading South Africa’s largest gold producer by volume. He joined Harmony in 1996 and held various roles across its operations in Canada, Australia, and Papua New Guinea before retiring in 2016.
This strategic acquisition and leadership enhancement are expected to position Metals One for significant growth in the critical and precious metals sector.
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