JOHANNESBURG (miningweekly.com) – Dual-listed Eastern Platinum (Eastplats) has extended the closing date for the sale of its South African platinum assets to Hebei Zhongbo Platinum from August 7 to December 31 as the restructuring of the initial agreement continues.
In June, an in-principle agreement was reached to restructure Hebei Zhongbo’s $225-million acquisition of the Canadian platinum group metals (PGM) producer’s entire PGM business and all investments, as well as all loan agreements between Eastplats and its subsidiaries.
The parties continued the execution of the definitive agreements, with all the necessary South African regulatory approvals still outstanding.
The parties had planned to complete the sale and acquisition of the North West-based Crocodile River mine and associated intercorporate loans for $85-million, payable in cash, by last week.
The sale of the balance of Eastplats’ remaining PGM business, comprising the Spitzkop, Kennedy’s Vale and Mareesburg projects, as well as intercorporate loans, would continue as previously disclosed for $140-million.