JOHANNESBURG (miningweekly.com) – Aim-listed Bushveld Minerals’ acquisition of Strategic Minerals Corporation (SMC) has been unconditionally approved by the Competition Commission.
In May, Bushveld signed a share purchase agreement to buy Evraz Highveld Steel & Vanadium’s 78.8% stake in SMC, which holds the Vametco vanadium mine and processing plant, in the North West province.
The deal formed part of Bushveld’s ambitions of becoming a global integrated vanadium producer.
“We are pleased this significant milestone in fulfilling conditions precedent for the acquisition has been completed within the expected time frame. The approval is supportive of Bushveld's efforts to complete the transaction as soon as practically possible,” said Bushveld CEO Fortune Mojapelo in a statement this week.
The diversified mineral development company said “good progress” was being made in securing the financing to conclude the acquisition and fulfil the remaining conditions precedent, which included shareholder approval and the waiver or lapse of Sojitz Corporation's pre-emption rights to acquire SMC shares.