Ikwezi Mining Limited (ASX:IKW) and Ikwezi Mining Holdings (Pty) Ltd. signed a definitive agreement to acquire The Waterberg Project for ZAR 3.5 million on September 29, 2011. Ikwezi Mining Limited will acquire 70% of two prospecting rights and Ikwezi Mining Holdings (Pty) Ltd. will acquire 30% of two prospecting rights in The Waterberg Project which is located in the Waterberg coal field. An initial deposit of ZAR 1.5 million is payable within seven days of signature of the agreement. Balance of ZAR 2 million is payable within seven days of the fulfillment of the last of the conditions precedent which includes S11 approval by the Department of Mineral Resources for the transfer of the two Prospecting Rights together with any other regulatory approvals that may be required.

Ikwezi Mining Limited (ASX:IKW) and Ikwezi Mining Holdings (Pty) Ltd. cancelled the acquisition of The Waterberg Project on January 22, 2013. The transaction has been cancelled due to the non satisfaction of the S11 approval condition.