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We are delighted to partner with Neo Energy Metals in undoubtedly one of the most advanced, high-grade uranium mines on the African continent,” Siyakhula  Sonke Empowerment Corporation (SSC) CEO, Fred Arendse said.

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 Sizwe sama Yende

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Black-owned mining company, Siyakhula Sonke Empowerment Corporation (SSC) has signed a ground breaking deal with a local subsidiary of London Stock Exchange listed uranium developer, Neo Energy Metals plc.

This deal is part of Neo Energy Metal’s commitment to advance broad-based black economic empowerment (B-BBEE)  in South  Africa, the companies said in a joint statement.

SSC signed with Neo Energy’s newly established subsidiary, Neo Uranium Resources Beisa (NURB) Mine. 

Neo Energy has closed two major uranium acquisitions over the past three months that include the Beatrix 4 mine and shaft complex and Beisa Uranium Gold Mine from Sibanye Stillwater Limited and the acquisition of the adjoining Beisa North and Beisa South Uranium and Gold Projects from Sunshine Mineral Reserves Limited. 

These acquisitions have added over 117 million pounds ('Mlbs') of U₃O₈ and 5.40 million ounces ('Mozs') of gold resources and the mine and processing infrastructure necessary to allow the company to progress its strategy of establishing itself as South Africa’s leading uranium company.

SSC Group’s CEO, Fred Arendse, said that the deal was a significant step towards realising SSC vision of building a global, diversified and operating minerals and investment group.

“We are delighted to partner with Neo Energy Metals in undoubtedly one of the most advanced, high-grade uranium mines on the African continent,” Arendse said.

“We look forward to building the Beisa Uranium Project together into one of the world’s largest uranium producers, while also fostering growth and development in South Africa’s minerals sector. This partnership will not only drive economic growth but also create meaningful opportunities and positive impacts for the local communities, including job creation, skills development, and improved infrastructure."

The companies said that upon receipt of all necessary regulatory approvals for Neo Metals to complete the acquisition of the Beisa Uranium Project, the company would, in terms of the BEE agreement, transfer 30% of its shareholding in NURB for a total see-through purchase price of approximately £17 million (R390 million).

A newly established Employee Empowerment Trust and Community Empowerment Trust will each hold 5%, whilst the SSC Group will hold the 20% balance of the shareholding. 

Neo Energy Metals’ executive chairman, Jason Brewer, said:

"This transaction underscores our commitment to South Africa's transformative B-BBEE policies and the principles of sustainable and inclusive development. Through this partnership, we aim to create lasting value for our stakeholders, empower local communities, and contribute significantly to the region's economic upliftment.”

Brewer added: “I look forward to providing further updates on this transaction with the SSC Group and the surrounding communities and on our development plans for the Beisa Uranium Project as further key milestones are achieved."

Under the terms of the BEE Agreement, the purchase price has been determined based on the combined acquisition costs of the Beisa Uranium Project and has been structured as deferred cash payments to be made to the company, and to be paid from dividends paid to the SSC Group and the Trusts from profits generated from the planned uranium and gold mining and processing operations at the Beisa Uranium Project.

 SSC Group is a level 1 majority black woman owned company and was founded by Arendse. Arendse is the former Head of Transformation at Anglo-American Platinum.