Eastplats gets shareholder nod for $225m S Africa asset sale
JOHANNESBURG (miningweekly.com) – Shareholders of platinum explorer Eastern Platinum (Eastplats) have approved the sale of the company’s entire South African platinum group metal business and all loan agreements with its subsidiary companies to Chinese firm Hebei Zhongbo Platinum for $225-million.
The assets included the flagship Crocodile River mine, in the North West, which was shuttered on August 1, 2013, and the Eastern Limb development project, which too was placed on care and maintenance in the fourth quarter of 2012.
The Vancouver-based company said in a statement that the net proceeds of the acquisition, net of the minority interests’ buy-out, finder’s fee and estimated transaction costs, were expected to be $175-million.
While all necessary regulatory Chinese approvals had been received, the acquisition remained subject to certain other conditions, including the necessary regulatory approvals from South Africa, which was expected to occur in the second quarter of the year.
Eastplats said it had been advised by the TSX that, on closing of the acquisition, it would have up to 120 days to meet the original listing requirements of the TSX and maintain its current listing, failing which the company’s shares would be subject to delisting from the TSX.
“In such an event, the company intends to make application to list on the TSX Venture Exchange so as to maintain a Canadian listing for its shares. The company’s shares will continue to be listed on the JSE on closing of the acquisition,” it outlined.
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