January 24, 2018

Eastern Platinum to sell its South African platinum assets at a cost of US$ 176m

Eastern Platinum (Eastplats) has decided to sell its South African platinum assets to a Chinese firm, Hebei Zhongbo Platinum at a cost of US$ 176m.

This deal comes after Hebei Zhongbo agreed to make a payment of US$ 225m for most of their assets, which also included the flagship Crocodile River mine located in South Africa’s North West province, and the Eastern Limb development project.

Eastplats shareholders will vote on the proposed transaction on February 5, and the deal is expected to close in the next three to six months.

Eastern Platinum Limited is a Canadian platinum group metals producer, which currently is engaged in the development and mining of platinum metal deposits in South Africa.

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