Fin24

First Uranium completes Ezulwini sale

2012-07-30 10:10

Johannesburg - Toronto and Johannesburg-listed First Uranium [JSE:FUM] announced that the closing date of the proposed sale of its Ezulwini Mining operations to Gold One International [JSE:GDO] for $70m occurred today‚ and said the transaction was expected to go through on August 1 2012.

“Today‚ all of the documents required to conclude the Gold One transaction were delivered to Edward Nathan Sonnenbergs as closing document stakeholder‚ and the purchase price was delivered to Computershare Trust Company of Canada as purchase price stakeholder‚” First Uranium said.

This transaction forms part of First Uranium’s $405m plan to repay its debt.

It also sold its gold and uranium tailings treatment business‚ Mine Waste Solutions‚ to AngloGold Ashanti [JSE:ANG] for $335m.

The transactions with AngloGold Ashanti and Gold One mark the end of the embattled and debt-laden miner‚ which reached a point where it could no longer continue without either greatly diluting existing shareholders or going into bankruptcy.