Eastern Platinum Ltd. T.ELR

Alternate Symbol(s): ELRFF

Eastern Platinum Limited owns directly and indirectly a number of platinum group metals (PGM) and chrome assets in the Republic of South Africa. It is engaged in re-mining and processing of tailings at the Crocodile River Mine (CRM) and the exploration and development of other PGM and chrome properties located in various provinces in South Africa. All of the Company's properties are situated on the western limb (Crocodile River Mine) and eastern limb (Kennedy's Vale, Spitzkop, Mareesburg) of the Bushveld Complex, the geological environment that hosts approximately 80% of the PGM-bearing ore. Operations at the Crocodile River Mine include re-mining and processing its tailings resource to produce PGM and chrome concentrates from the Barplats Zandfontein tailings dam. Its six PGMs are platinum, palladium, rhodium, osmium, iridium and ruthenium. The Kennedy’s Vale and Spitzkop Project are situated on the Eastern limb of the Bushveld Complex 350 kilometers northeast of Johannesburg.

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Eastern Platinum Ltd.

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Post by Jimmy2014on Nov 26, 2016 1:58pm

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Post# 25517195

crm sale?

Could some one clarify this--was not this deal rejected by ELR's shareholders? Why would they still process the deal with the South African governement's competition commission? I would have thought once this was rejected they would withdraw the deal.
From Mining Weekly:
https://www.miningweekly.com/article/competition-commission-approves-hebeis-acquisition-of-barplats-2016-11-25

Competition Commission approves Hebei's acquisition of Barplats

25TH NOVEMBER 2016

BY: MEGAN VAN WYNGAARDT
CREAMER MEDIA CONTRIBUTING EDITOR ONLINE

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JOHANNESBURG (miningweekly.com) – South Africa’s Competition Commission on
Friday approved Chinese company Hebei Zhongheng Tianda Platinum’s buyout of
Eastern Platinum’s (Eastplats’) Barplats Mines, which holds Crocodile River mine (CRM).

The commission found that the proposed transaction was unlikely to substantially
prevent or lessen competition in any market in South Africa. In addition, the
commission found that the proposed transaction was unlikely to raise any public
interest concerns.

However, Eastplats’ new board, led by CEO Diana Hu, is still reviewing transactions
entered into by the company’s former management, including the proposed sale of Barplats.

The new board took control of Eastplats after a successful board ouster in July.

CRM, in the Bushveld Igneous Complex, was placed under care and maintenance in
June 2013 as a result of the weakening of global resource markets. Prior to this,
CRMmined and produced platinum-group metals, but also produced chrome ore, copper and gold as by-products.