Johannesburg, South Africa — MININGREVIEW.COM — 05 June 2008 – Aquarius Platinum Limited – a focused platinum group metals producer in southern Africa which is listed on the Australian, London and Johannesburg stock exchanges – has received approval from South Africa’s competition authorities and the country’s central bank to acquire a 50% stake in Platinum Mile Resources.
A company statement issue here said: “Following approvals from the South African Competition Tribunal and the South African Reserve Bank, the R495 million consideration for 50% of the issued share capital of Platinum Mile will now be paid.”
Aquarius revealed in February this year that it had entered into a binding agreement for the shareholding, which was acquired from local investment group Mvelaphanda Holdings and a consortium of private investors.
The payment comprises R210 million in cash and the balance in Aquarius Platinum shares. Following completion of the transaction documentation, completion of conditions precedent and regulatory approvals, Aquarius and Mvelaphanda Holdings will have joint control of Platinum Mile. The transaction is expected to be closed any day now..
Platinum Mile, which operates in South Africa’s North West province, processes mine tailings from which it currently produces around 20 000 oz of platinum group metals annually.