Aquarius Platinum, which jointly owns Zimbabwe’s Mimosa Mine in Zvishavane, on Thursday said South African regulators had approved the purchase of its entire shareholding by Sibanye Gold.
The Bermuda registered Aquarius’ primary assets are its stakes in the Kroondal platinum mine and Platinum Mile, a re-treatment facility near Rusterburg in South Africa, as well as Mimosa, a 50:50 joint venture with Impala Platinum and the second largest platinum producer in Zimbabwe.
Sibanye has agreed to pay $294 million for Aquarius, with chief executive Neal Froneman describing Mimosa as a significant “low cost optionality.”
“These approvals were the final regulatory approvals required for the transaction, which was approved by Aquarius shareholders in January, to proceed,” said Aquarius on Thursday.
“Aquarius and Sibanye are now in the process of confirming the Conditions Fulfilment Date. Once the Conditions Fulfilment Date has been confirmed, Aquarius will release an updated timetable of events leading up to completion of the transaction and payment to Aquarius shareholders.”
The miner has previously said it expects the deal to be finalised by April.
The authorities also approved Sibanye’s purchase of Anglo American Platinum’s Rustenburg mining operations while the Aquarius deal provides an entry point for the miner into Zimbabwe, which hosts the second largest platinum reserves in the world after South Africa.- The Source