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Part of Pan African’s Phoenix platinum feed supply in jeopardy

Pan African Resources has cautioned that one of the business partners of its Phoenix Platinum Mining subsidiary has entered into ‘Business Rescue’ in South Africa. Business Rescue is a statutory means of enabling a financially distressed company to continue business, under the supervision of a Business Rescue Practitioner, protected from its creditors.

The company in question is International Ferro Metals (SA) Pty Limited (IFMSA), which owns the property on which the Phoenix operation is situated and supplies some 20% of Phoenix’s feedstock from tailings from its processing activities. Phoenix also sources electricity, water and certain other services from IFMSA.

Pan African intends working with the Business Rescue Practitioner to safeguard its interests.

For the half year ended December 2014, Phoenix contributed approximately 7% to Pan African’s profit after tax.

Part of Pan African’s Phoenix platinum feed supply in jeopardy: PAF

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