23rd Apr 2015 08:41
LONDON (Alliance News) - Aquarius Platinum Ltd said Thursday that the first part of the two-part sale of its Everest Mine in South Africa to Northam Platinum Ltd is now unconditional.
The company agreed to sell the mine, which had been on placed on care-and-maintenance in June 2012 due to market conditions prevailing at that time, to Northam for ZAR450 million in February.
The first part of this process is the sale of the concentrator and mining assets, and as this is now unconditional, Northam is due to pay Aquarius ZAR400 million by June 26.
The second part of the sale is ZAR50 million for the mining right associated with the mine; this is subject to consent from the Minister of Mineral Resources. An application for this consent has been submitted, Aquarius said.
Shares in Aquarius are trading up 2.2% at 8.84 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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