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Diamond Mine Sale Ushers in ‘New Rockwell’

Dec 25, 2016 7:41 AM   By Rapaport News
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RAPAPORT... Rockwell Diamonds has agreed to sell certain non-core assets to Nelesco 318 Proprietary for $3.2 million (ZAR 45 million) as part of a strategic overhaul by new chief executive officer Tjaart Willemse.

Rockwell did not say which assets were included in the agreement. Willemse earlier announced plans to sell the Remhoogte/Holsloot and Saxendrift mines in South Africa in a downsizing program he initiated when starting his role as CEO in September.

“This transaction represents a significant milestone in our repositioning plans for the ‘new Rockwell,'" said Willemse, who was appointed the company’s CEO in September. “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.”

The deal will enable Rockwell to focus on completing the next phase and ramp up of the Wouterspan mine and processing plant in South Africa and advance its development and exploration projects, Willemse explained.

Nelesco will operate the assets on a contract mining basis until all conditions of the deal are met, taking on 98 workers employed by Rockwell at the projects.
Tags: Holsloot, M&A, mergers and acquisitions, mines, mining, Nelesco 318 Proprietary, Rapaport News, Remhoogte, Rockwell, Rockwell Diamonds, Saxendrift, South Africa, Tjaart Willemse, Wouterspan
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