Eastern Platinum (Eastplats) has extended the closing date for the sale of its South African platinum assets to Hebei Zhongbo Platinum from 7 August 2015 to 31 December 2015 as it continues to restructure the transaction.
In June, two companies agreed to restructure Hebei Zhongbo’s $225 million transaction in which it would acquire Eastplats’ entire platinum group metal (PGM) business and all investments and loan agreements that Eastplats has with its subsidiary companies.
The purchase and sale of the Crocodile River mine and associated inter-corporate loans for $85 million was initially expected to be completed by 7 August 2015.
Meanwhile, the sale of the balance of the company’s remaining PGM business, which includes the Spitzkop, Kennedy’s Vale and Mareesburg projects, is continuing as previously disclosed for $140 million.
The transaction continues to remain subject to the execution of definitive agreements and the receipt of all necessary South African regulatory approvals.