15th Oct 2014 06:57
LONDON (Alliance News) - Aquarius Platinum Ltd Wednesday said the sale of its indirect interests in Blue Ridge Platinum (Pty) Ltd and Sheba's Ridge Platinum (Pty) Ltd to a consortium led by the China National Arts & Crafts Corp has fallen through after failing to get the necessary regulatory approval in South Africa.
The deal was announced back in January, and needed approval from the Chinese government and the South Africa Competition Commission, as well as a number of South Africa Department of Mineral Resources regulatory approvals. The outside date for the conditions to be satisfied was initially set at June 30, but the parties then agreed to extent the date on nine occasions.
In a statement, Aquarius Platinum said the deal still hadn't been granted some South African regulatory approvals by October 14.
"On 14 October 2014 Aquarius had been advised by the consortium that it had decided not to again extend the outside date, as a result of which, the agreement terminated on 14 October 2014," it said.
By Steve McGrath; [email protected]; @stevemcgrath1
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