JOHANNESBURG (miningweekly.com) – Platinum junior Sylvania Resources on Monday announced that would make off-market takeover offers for two companies with interests in platinum group-metals (PGMs) exploration projects in the platinum-rich Bushveld Complex in South Africa.

Sylvania, which owns retreatment operations and shallow mining exploration interests in South Africa, would make an offer for all the shares it did not own in Great Australian Resources, as well as an offer for all the outstanding shares in SA Metals, formerly Pan Palladium.

The company currently owns a 19,9% interest in Great Australian Resources and a 12,89% stake in SA Metals.

The ASX- and Aim-listed firm would offer one Sylvania share for every 18 Great Australian Resources shares and one Sylvania share for every ten SA Metals shares.

Assuming 100% acceptance, the these acquisition would cost Sylvania about 31,64-million shares, equivalent to about A$31,3-million.

Sylvania stated that both companies had interests in PGM exploration projects in the Bushveld Complex, and that the combination of those assets with its own operations would provide an opportunity to create long-term benefits.

Sylvania is in the process of preparing a formal bidder's statement in relation to each offer and said it would lodge those documents with the ASX and Australian Securities and Investments Commission in due course.

Under Australian legislation, the bidder's statement must be mailed to shareholders within two months from lodgement of the takeover notice.

The offers are not inter-conditional, however each is subject to a number of conditions.

Sylvania owns a 74% stake in Sylvania Metals, which treats chrome tailings from Samancor Chrome’s mines on the western and eastern limbs of the Bushveld Complex.

It also has a 25% stake in a chrome tailings retreatment project at Kroondal on the western limb, managed by Aquarius Platinum and an exploration project on the eastern limb.

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