Platinum Group Metals and Royal Bafokeng Platinum (RBPlat) executed definitive agreements on November 23, 2017 to sell all of the rights and interests in Maseve in a transaction valued at approximately US$74 million.
The approval is subject to certain conditions, agreed to by (RBPlat), focused on jobs in the transition of ownership.
Competition Tribunal approval is a key step forward in the planned transaction.
RBPlat is to first acquire the concentrator plant and certain surface assets of the mine for payment of $58 million in cash to Maseve (step 1), conditional on certain approvals and conditions precedent.
Step 1 is expected to close in February 2018.
RBPlat is next (step 2) to acquire 100% of the shares in Maseve and all shareholder loans owed by Maseve for an aggregate consideration equal to $16.0 million.
The parties continue to work together in fulfillment of the remaining conditions precedent.
Step 2 of the transaction will require the approval of the Department of Mineral Resources and other conditions precedent, which are expected to be completed in mid-2018.
Feature image credit: Platinum Group Metals