Johannesburg, South Africa — MININGREVIEW.COM — 17 January 2012 – Petmin “’ a multi-commodity mining and processing company, and a market leader in the production of quality anthracite and silica “’ says the proposed sale of its SamQuarz silica mine in South Africa’s Mpumalanga province has been disallowed by the Competition Commission.
Petmin had announced the sale of SamQuarz to Thaba Chueue Mining for R259 million in September 2011, subject to approval from the Competition Commission and the Department of Mineral Resources.
“On 13 January 2012 the Competition Commission notified Petmin that it would not authorise the sale,” read a company statement issued here. “The Commission`s decision relates to the strategic importance of SamQuarz as a supplier to the producers of ferrosilicon and silicon metal in South Africa.
Petmin said it was studying the commission’s decision and would consider its options in consultation with advisors and legal counsel.
“The decision does not impact on Petmin`s ability to deliver on its strategy, including the funding of current and future investments in South Africa and abroad,” read the statement.
“Petmin will advise shareholders in due course as to how it will proceed in light of the Commission`s decision.”