SGS To Buy Time Mining Group of Companies In South Africa

Swiss quality inspection services company SGS SA (SGSN.VX) Monday said it has entered into final negotiations to acquire the Time Mining Group of Companies in South Africa.

MAIN FACTS:

- The Time Mining Group provides process plant design, project management and commissioning and optimization services for minerals processing plants that are owned and operated by large, intermediate and junior mining companies.

- Time Mining Group is also a provider of analytical services, commercial and on-site laboratories through their Performance Laboratories entity.

- Based in Johannesburg and active throughout Africa and internationally, the group operates principally under the names of Time Mining and Processing Pty Ltd., Performance Laboratories Pty Ltd., Time Mining (Ghana) Limited and Dump and Dune Drillers Pty Ltd.

- Founded in 1987 and privately owned, the Group employs 370 staff and is expected to generate 2012 Revenues in excess of ZAR 300 million.

- The transaction is subject to the approval by the South African Competition Commission and is expected to close within the next few weeks.

- "I am very pleased and excited with this acquisition. It strengthens the expertise of our Minerals Services team, further expands our footprint in Africa and other key minerals markets," said SGS Chief Executive Chris Kirk in a statement.

-Zurich Bureau, Dow Jones Newswires, [phone]; [e-mail]

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