Johannesburg, South Africa — MININGREVIEW.COM — 24 February 2011 – Petmin “’ a multi-commodity mining and processing company and a market leader in the production of quality anthracite and silica “’ has received permission from the Department of Mineral Resources for the sale of its SamQuarz silica mine to Thaba Chueu.
But the statement issued here points out that the sale remains subject to a Competition Tribunal appeal by Petmin against a decision by the Competition Commission to prohibit the transaction.
Petmin announced in September that it had sold SamQuarz to Thaba for R259 million, subject to approval from competition authorities and the Department of Mineral Resources. A formal notice was filed with the tribunal on January 27 to reconsider the commission’s decision.
“It is anticipated that the legal process before the Tribunal will take approximately six months,” read the company statement. “During this time, Petmin will continue to operate SamQuarz as a profitable and productive mining business.”