CIG no longer acquiring Wearne Muldersdrift property and mining rights
This comes as the conditions of the sale of properties and mining right agreement were not fulfilled.
The Consolidated Infrastructure Group (CIG) will no longer acquire the property and mining rights of Wearne Muldersdrift in their acqusition of the quarry business.
CIG had previously announced that its subsidiary, Drift Supersand had entered into several agreements with Wearne Aggregates Proprietary to acquire Wearne’s Muldersdrift quarry business, property and the mining right granted to Wearne in terms of Sections 22 and 23 of the Mineral and Petroleum Resources Development Act.
The deal was worth an aggregate consideration of R50 million, and the amount is payable in cash in accordance with the terms of the individual transactions.
Following the acquisition announcement, the conditions of the sale of business agreement were honoured and the transaction was finalised on 14 January 2020. However, the conditions in respect of the sale of property agreement were not satisfied. In addition, the suspensive conditions of the Sale of Mining Right Agreement have also not been met.
Consequently, both the sale of Properties Agreement and the Sale of Mining Right Agreement have therefore, by mutual agreement, expired and the transactions will no longer be executed by CIG.