Aquarius Platinum, which jointly owns Zimbabwe’s Mimosa Mine in Zvishavane, expects the purchase of its assets by Sibanye Gold to be completed in April next year as it awaits approval by shareholders and South Africa’s anti-trust regulators.
Sibanye and Aquarius announced the deal last month and on Monday the platinum miner said it expected a decision from the South African Competition Commission in March next year while its shareholders are set to vote in January on the acquisition of its entire asset base.
“The Transaction needs to be approved by a simple majority of votes cast by Aquarius shareholders. Shareholders will be asked to vote on the Transaction at a special general meeting anticipated to be held in January 2016,” Aquarius said in an update.
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.
“The Transaction needs the approvals of the South African Competition Commission and Competition Tribunal. Competition Approval is expected to be obtained by the end of March 2016 and, subject to Aquarius shareholders approving the Transaction, completion of the Transaction should take place by the end of April 2016,” said Aquarius.
The price of platinum prices was at $828 per ounce on Monday morning — a seven-year low — from $922/oz when the deal was announced.- The Source