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Eastplats’ platinum asset sale halted

10th November 2015

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

  

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JOHANNESBURG (miningweekly.com) – Dual-listed Eastern Platinum (Eastplats) on Tuesday reported that the $225-million sale of its platinum group metals business to Hebei Zhongbo Platinum (HZP) had come to a halt.

Eastplats was currently seeking clarification from HZP regarding the validity of statements made by Beijing Hehe Fengye Investment, which claimed to be a significant shareholder in HZP, that it would not provide shareholder approval for the execution of the definitive agreements necessary to give effect to the restructured transaction between Eastplats and HZP.

“[We] understand that the shareholders of HZP are currently engaged in a process to resolve their differences. HZP has, however, advised us that, until such resolution occurs, the transaction cannot proceed,” Eastplats said in a statement.

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Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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