Aquarius Platinum Ltd. (AQPBF.PK,AQPTY.PK,AQP.AX,AQP.L) Friday said the conditions precedent to the second part of the sale of its interest in the Everest Mine and related properties have now been fulfilled and it has become unconditional.
The company had announced on February 10 that its subsidiary, Aquarius Platinum (South Africa ) (Pty) Ltd or AQPSA, had entered into an agreement to sell its entire interest in the Everest Mine and ancillary mining and processing infrastructure and immovable properties to Northam Platinum Limited for an aggregate cash consideration of R450 million.
The deal was to be completed in two parts, R400 million for the concentrator and other mining assets of Everest Mine and R50 million for the Everest Mining Right.
The first part f the disposal process was completed on June 26, following the receipt of R400 million.
Aquarius said today that the parties have obtained consent in terms of section 11 of the Mineral and Petroleum Resources Development Act, No. 28 of 2002 to transfer the Everest Mining Right to Northam. The sale is expected to be implemented on or about October 8.
The stock advanced 2.8 percent to 7 pence.
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