JOHANNESBURG (miningweekly.com) – Dual-listed Eastern Platinum (Eastplats) on Tuesday reported that the $225-million sale of its platinum group metals business to Hebei Zhongbo Platinum (HZP) had come to a halt.
Eastplats was currently seeking clarification from HZP regarding the validity of statements made by Beijing Hehe Fengye Investment, which claimed to be a significant shareholder in HZP, that it would not provide shareholder approval for the execution of the definitive agreements necessary to give effect to the restructured transaction between Eastplats and HZP.
“[We] understand that the shareholders of HZP are currently engaged in a process to resolve their differences. HZP has, however, advised us that, until such resolution occurs, the transaction cannot proceed,” Eastplats said in a statement.