Burnstone definition

Burnstone means Sibanye Gold Eastern Operations Proprietary Limited (previously known as Southgold Exploration Proprietary Limited);
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Examples of Burnstone in a sentence

  • GBG and ▇▇▇▇▇▇▇ will each be required to fund the mine development capital expenditure requirements of the Burnstone Project pro rata in accordance with their respective interests.

  • Southgold has received notification from Gold Fields Limited (“Gold Fields”) that it intends to seek rescission of a 2007 agreement under which Gold Fields cancelled a 2% net smelter royalty over a majority of “Area 1” of the Burnstone Mine.

  • The purchase price will be the value of the shares determined by taking the net present value of 15% of the Burnstone Project as determined by a valuation derived from the bankable feasibility study and the parameters of the valuation will be those that would ordinarily be applied by North American mining analysts when valuing South African gold deposits which are similar to the Burnstone Project and adjusting that figure for any other net assets or liabilities of Southgold.

  • On completion of a bankable feasibility study in relation to the Burnstone Project, ▇▇▇▇▇▇▇ will acquire 15% of the issued share capital of Southgold (the “Initial Shares”) from GBG (through its affiliate).

  • The Burnstone Gold Project will be managed from the Signature Date until 31 January 2004 or later as contemplated in 4.2 by agreement between GBG, Southgold and Eyesizwe, as parties to the Management Agreement, such Management Agreement to be on the terms set forth in Schedule 8.

  • It is recorded that to the extent that any Activities (defined as such in Schedule 8) are required to be carried out, or are carried out at the discretion of GBG, in the course of the Burnstone Gold Project, these Activities will both until and after the date specified in 4.1 be carried out by GBG for Southgold, as Southgold's agent.

  • The consideration to be paid by Eyesizwe on completion of the Bankable Feasibility Study will be not less than ZAR15 000 000,00 or 20% of the net present value of the Burnstone Gold Project determined by applying a discount rate of 9%, the resulting net present value being discounted by 80%, up to a maximum of ZAR22 500 000,00.