Droxford’s acquisition of Atlantic gains FIRB approval

30th May 2016 By: Mariaan Webb - Creamer Media Deputy Editor Online

JOHANNESBURG (miningweekly.com) – The Foreign Investment Review Board (FIRB) has approved Singapore-based Droxford International’s acquisition of Australian junior Atlantic.

The FIRB approval was one of the key conditions of the scheme of arrangement, which the companies announced last month.

“The process for securing satisfaction of the other conditions to the scheme is under way,” Atlantic reported on Monday.

Droxford, a subsidiary of Indonesia’s Salim Group, would acquire Atlantic’s shares for 0.3c each.

Droxford is Atlantic’s largest creditor and held a 17.4% stake in the company.

Atlantic in February unveiled plans to repurchase its Windimurra vanadium project, in Western Australia. With the assistance of Droxford, the company had submitted a proposal for the administrators to enter into a deed of company arrangement to acquire the Windimurra project.