Eastplats to sell Crocodile River mine to Chinese firm for $50m
JOHANNESBURG (miningweekly.com) – Dual-listed Eastern Platinum (Eastplats) plans to sell its South African subsidiary Barplats Mines, which holds the Crocodile River mine (CRM), to Chinese company Hebei Zhongheng Tianda Platinum (HZT) for $50-million.
The companies have entered into a definitive agreement and the transaction remains subject to certain conditions including regulatory approvals.
The parties had agreed that certain events, including the failure of both parties to perform certain obligations under the acquisition agreement, would trigger the payment of break fees of up to $10-million in the case of HZT failing to meet its obligations and $5-million in the case of Eastplats failing to meet its obligations.
Upon closing the acquisition, HZT would assume operating responsibility for the CRM and ownership of Barplats Mines.
Eastplats would maintain ownership of its Eastern limb projects, which include the Mareesburg, Spitzkop and Kennedy’s Vale projects.
“We are pleased that HZT’s plans to inject foreign capital and the creation of much-needed jobs will stimulate socioeconomic development in areas surrounding the CRM.
“We will retain our large and shallow Eastern limb platinum-group metal (PGM) project base. While the PGM sector remains under pressure, closing the transaction will leave Eastplats extremely well capitalised,” said Easplats president and CEO David Cohen.
Eastplats assured shareholders that HZT was not connected to Hebei Zhongbo Platinum, to which Eastplats previously planned to sell all its South African assets. That transaction was unsuccessful, owing to a shareholder dispute with Hebei Zhongbo Platinum.
Comments
Research Reports
Projects
Latest News
Showroom
Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
