Neo Energy Metals plc has issued an update on its planned acquisition of the New Beisa Mine in South Africa.
The company confirmed that the transaction agreement was signed on 6 December 2024, with completion expected within a 24-month timeframe. Neo Energy Metals is currently awaiting regulatory approvals under Section 11 and Section 102 from the South African Department of Mineral Resources and Energy, which it says remain on track to be granted within the planned schedule.
Remaining Process and Key Milestones
The remaining steps to progress the Transaction are as follows:
1. Sibanye to obtain Section 11 and Section 102 approvals to enable Sibanye to obtain the relevant Mining Rights before 6 June 2026; and
2. Upon conclusion of the above, Sibanye will continue with the Section 11 approval for the Transaction, which is contingent on a consolidation exercise and is expected to be completed within the 24 months period from Signature Date as per the agreement which was signed on the 6 December 2024.
The New Beisa Mine is still expected to become operational in the second half of 2027. Development will follow a three-phase plan, with initial work set to begin in March 2026.
Neo Energy Metals added that it has sufficient working capital to cover operating expenses while the regulatory approval process is completed.
Enquiries:
Jason Brewer, Executive Chairman
Theo Botoulas, Chief Executive Officer
De Wet Schutte, Chief Financial Officer
