Eastplats assures shareholders of asset sale to HZP proceeding
JOHANNESBURG (miningweekly.com) – JSE- and TSX-listed Eastern Platinum (Eastplats) on Friday dismissed reports that the $225-million sale of its platinum-group metals business to Hebei Zhongbo Platinum (HZP) has been terminated.
The dual-listed platinum producer moved to assure shareholders that HZP remained committed to the deal following the issue of a press release earlier this week by Beijing Hehe Fengye Investment stating that the transaction would not proceed.
Beijing Hehe, which claimed to be a significant shareholder of HZP, referred to a notice of termination handed to Eastplats early in September, the authenticity of which was currently under review, as the letter was signed by an individual unknown to the company.
Verbal assurances and written correspondence from both the authorised representative of HZP and Chinese counsel acting on behalf of HZP assured Eastplats that neither Beijing Hehe nor the signatory of the letter Shuming Du had the legal authority to terminate the share purchase agreements or make such statements.
“In light of the position taken and statements made by Beijing Hehe in the release, the company has spoken to Canadian counsel for HZP and has been given to understand that the issuance of the release by Beijing Hehe may be attributable to a shareholders dispute between the principal shareholders of HZP,” Eastplats said in a statement.
“Until such time as the company can verify the validity of the statements made by Beijing Hehe with respect to the status of the transaction, the company’s understanding is that the transaction between Eastplats and HZP is proceeding.”
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Showroom
Astore Keymak is one of South Africa’s leading suppliers of high-quality Thermoplastic Pipeline Systems, with branches in the major provinces.
VISIT SHOWROOM
M and J Mining are leading suppliers of physical support systems as used by the underground mining industry. Our selection of products are not...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
