Tribunal approves sale of Maseve mine to Royal Bafokeng
JOHANNESBURG (miningweekly.com) – The South African Competition Tribunal has approved the sale of TSX-listed Platinum Group Metals’ (PTM’s) Maseve Investment to Royal Bafokeng Platinum (RBPlat).
The first step of the $74-million deal is under way and will see RBPlat pay an initial $58-million in cash to acquire the concentrator plant and certain surface assets of the Maseve mine.
RBPlat paid a $3-million deposit in escrow in October.
The second step to acquire 100% of the issued equity in Maseve by way of a scheme of arrangement for $4-million in cash and about $12-million in RBPlat ordinary shares will be subject to certain requirements, including the approval of the South African Department of Mineral Resources and the approval of Maseve’s 17.1% minority shareholder.
The proceeds of the Maseve sale will be used to pay down a substantial portion of PTM’s debt.
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