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Eastern Platinum Limited says it has concluded an agreement with Hebei Zhongbo Platinum Company Limited to buy Eastern Platinum’s entire South African platinum group metal business.
According to African Mining.com, the acquisition is for a total consideration of $225 million in cash.
The acquisition will include all major interests held by the company’s existing minority partners and all the loan agreements that it has with its subsidiary companies.
The acquisition specifies that the company is required to buy out the minority interests upon closing and the buy-out will total $25 737 000.
The company reported that the acquisition is subject to certain conditions which include obtaining approval from shareholders of Eastern Platinum and the South African and People’s Republic of China regulatory authorities.
The Company anticipates closing the acquisition transaction within three to six months.
Eastern Platinum Limited is a JSE, TSX, AIM listed platinum group metals producer with operations in South Africa.
