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S African competition authorities approve Eastplats PGM asset sale

16th September 2015

By: Creamer Media Reporter

  

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JOHANNESBURG (miningweekly.com) – South Africa’s competition authorities have approved the sale of dual-listed Eastern Platinum’s (Eastplats’) platinum-group metals (PGM) business to Hebei Zhongbo Platinum (HZP) for $225-million.

The companies in June restructured the deal, which would see HZP pay $85-million in cash to buy the Crocodile River Mine and associated intercorporate loans.

It would acquire Eastplats’ remaining PGM assets – the Spitzkop, Kennedy’s Vale and Mareesburg projects – along with intercorporate loans, for a further $140-million.

The deal had yet to be approved by South Africa’s Department of Mineral Resources.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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