JOHANNESBURG (miningweekly.com) – The conditions precedent related to Part A of the sale of Aquarius Platinum’s idled Everest mine to Northam Platinum have been fulfilled, rendering the disposal process unconditional and an amount of R400-million payable to Aquarius by June 26.
Aquarius announced in February that it had entered into an agreement to sell its entire interest in the Mpumalanga-based mine, as well as the ancillary mining infrastructure, processing infrastructure and immovable properties to Northam for R450-million.
The first tranche of payment, Part A, would see R400-million being transferred for the concentrator and other mining assets of Everest mine, while an additional R50-million would be paid for the Everest mining right under Part B.
Part B of the disposal process remained subject to consent by Mineral Resources Minister Ngoako Ramatlhodi.
“Should the Ministerial consent not be obtained, the first part of the disposal will not be unwound,” said Aquarius.