Palabora sales conditions deadline extended
JOHANNESBURG (miningweekly.com) - Mining majors Rio Tinto and Anglo American were granted an extension to fulfil the suspensive conditions to dispose of their respective shares in JSE-listed Palabora Mining.
Rio Tinto and Anglo American were selling their respective 57.7% and 16.8% stakes for $373-million and $103-million respectively to a consortium of South African and Chinese entities led by the Industrial Development Corporation and the Hebei Iron & Steel Group.
To allow sufficient time for the majors to meet the conditions, the parties agreed to extend the deadline from June 30 to August 31.
Rio Tinto has, to date, made “significant progress” in fulfilling the required conditions and has secured the requisite approvals of the South African exchange control authorities and all the concerned Chinese regulators.
The mining company’s sale still relied on the approval of the South African competition authorities, which the Competition Commission had tabled, and on the condition that the agreement governing Palabora’s broad-based black economic-empowerment transaction became unconditional.
Further, it was required that no material adverse change occurred between the signature date of the Rio Tinto and Anglo American sale agreement and the date that the two outstanding suspensive conditions referred to, above, are fulfilled or waived.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Design, Construction and Maintenance of Site Erected, Welded Bulk Storage Tanks for the Petrochemical, LNG, Ammonia and Sustainable fuel Sectors.
VISIT SHOWROOM
ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...
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
