JOHANNESBURG (miningweekly.com) – The sale of Aquarius Platinum’s indirect interest in the Kruidfontein prospecting right to Pilanesberg Platinum Mines has been completed.
In January, Aquarius agreed to sell its interest in C&L Mining & Resources, which held the Kruidfontein prospecting right, to Pilanesberg for $30-million.
Following conclusion of the sale, the subsidiary received $27-million in cash on December 1.
Aquarius would, in settlement of the contractual obligation to the original vendors of the interests in the Kruidfontein right, within ten business days, elect to pay $10.8-million to the original vendors either in cash or by the issue of Aquarius shares to same value, or by a combination of cash and shares.