10th Mar 2025 10:18
(Alliance News) - Neo Energy Metals PLC said on Monday it has agreed to acquire land at the Beisa uranium project from Sibanye Stillwater Ltd.
The latest transaction comes after Neo Energy early in December bought the Beatrix 4 mine and shaft complex, including the Beisa uranium project in South Africa, from Sibanye.
Neo Energy is a London-based near-term, low-cost uranium developer that holds uranium assets in the Witwatersrand basin in Free State, South Africa.
On Monday, Neo Energy said it has reached an agreement with Sibanye to acquire the land which the Beisa uranium project and associated mining right extend over.
This land covers the majority of the approximate 6,244 hectares that make up the Beisa uranium project's mining rights area.
The price payable for the land is already included in the ZAR500 million acquisition cost of the Beisa project and no additional payments are required from Neo Enegy to Sibanye, the former said.
Neo Energy also said the signing of the property agreement has "importantly" satisfied a further key condition under the acquisition agreement with Sibanye.
In a separate filing, Neo Energy said it has satisfied a number of key conditions over a "landmark" broad-based black economic empowerment agreement with Siyakhula Sonke Empowerment Corp (Pty) Ltd, a South African mining company.
Neo said it has now completed the transfer of 30% of its shareholding in its subsidiary Neo Uranium Resources Beisa Mine (Pty) Ltd for ZAR390.0 million or about GBP17 million.
Newly established South African firm Siyakhula Sonke Resource Development (Pty) Ltd is the legal entity that now holds the 30% shareholding in Neo Uranium Resources Beisa Mine, and Neo Energy own the rest.
Neo Energy Metals shares are temporarily suspended from trading in London.
Shares in Sibanye Stillwater were down 0.8% at ZAR17.10 on Monday afternoon in Johannesburg.
By Artwell Dlamini, Alliance News reporter
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