JOHANNESBURG (miningweekly.com) – South Africa’s Competition Commission on Friday approved Chinese company Hebei Zhongheng Tianda Platinum’s buyout of Eastern Platinum’s (Eastplats’) Barplats Mines, which holds Crocodile River mine (CRM).
The commission found that the proposed transaction was unlikely to substantially prevent or lessen competition in any market in South Africa. In addition, the commission found that the proposed transaction was unlikely to raise any public interest concerns.
However, Eastplats’ new board, led by CEO Diana Hu, is still reviewing transactions entered into by the company’s former management, including the proposed sale of Barplats.
The new board took control of Eastplats after a successful board ouster in July.
CRM, in the Bushveld Igneous Complex, was placed under care and maintenance in June 2013 as a result of the weakening of global resource markets. Prior to this, CRM mined and produced platinum-group metals, but also produced chrome ore, copper and gold as by-products.