Kazera Global (AIM:KZG), the AIM-quoted commodity investment company, has agreed to acquire additional interests in two South African subsidiaries from PDNA Property Investments for total cash consideration of ZAR 973,374 (approximately US$60,000).
The deal covers Whale Head Minerals, Kazera's heavy mineral sands operation in South Africa's Northern Cape, and Deep Blue Minerals, its diamond interest in the same region.
Kazera already holds a 100% direct interest in Deep Blue Minerals, of which 74% was previously held for its own benefit and 26% on behalf of Black Economic Empowerment partners.
Acquiring PDNA's 6% stake raises Kazera's beneficial interest in DBM from 74% to 80%, with the remaining 20% continuing to be held on behalf of BEE partners.
The transaction also grants Kazera legal title to a further 21% of Whale Head Minerals, while preserving existing arrangements for employees, the local community and a third party.
Interim chief executive Richard Jennings said the deal "further simplifies the ownership structure around our South African assets," adding that he intends to formalise the legal title structures for the entities "in the very near term."
Separately, Kazera confirmed it has seen a payment instruction from China for the US$500,000 due from Hebei Xinjian Construction under a settlement agreement related to its former African Tantalum subsidiary, with receipt expected in the near term.
Completion of the acquisition is expected within days, following execution of transfer documentation and payment of consideration.
