JOHANNESBURG (miningweekly.com) – Aim-listed Bushveld Minerals is inching closer to its acquisition, through its Bushveld Vametco subsidiary, of a 78.8% interest in Strategic Minerals Corporation (SMC) from Evraz Group.
This follows after both SMC and American metals service centre Sojitz Noble Alloys Corporation agreed to waive their respective pre-emptive rights to acquire the SMC shares Bushveld Vametco has agreed to acquire.
The waivers form part of the conditions precedent to completing the transaction.
Meanwhile, Bushveld is also making progress in fulfilling the remaining conditions precedent which include the termination of all the related party contracts to Bushveld’s reasonable satisfaction; transferring the marketing and offtake agreements; key management’s agreement in writing to remain employed with the Vametco group after the completion of the transaction; and securing Ministerial consent for the transaction in terms of Section 11 of the Mineral and Petroleum Resources Development Act, of 2002.