Dundee Precious Metals Tsumeb (Pty) Ltd has announced a name change to Sinomine Tsumeb Smelter (Pty) Ltd following the conclusion of its acquisition by Sinomine Resource Group Co. Ltd. (Sinomine).
Sinomine Tsumeb Smelter Vice President, Zebra Kasete, who retains his role after the acquisition, said the name change, which is effective from 2 September 2024, had been approved by the Business and Intellectual Property Authority of Namibia (BIPA).
The transaction was finalized on a debt-free and cash-free basis, with a purchase price of N$281.63 million (US$15.9 million).
As part of the agreement, N$88.75 million (US$5 million) will be held in escrow for six months to safeguard Dundee Precious Metals’ indemnity obligations.
Sinomine Resource Group is a Chinese-based global mining group with a comprehensive resource industrial chain.
