HomeNewsSouth African Competition Tribunal approves sale of Maseve

South African Competition Tribunal approves sale of Maseve

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