EASTERN Platinum (Eastplats) will sell its mothballed Crocodile River Mine to Hebei Zhongheng Tianda Platinum company for $50m cash.The Chinese company’s name is similar to that of another company, Heibei Zhongbo Platinum, which had offered to buy all of Eastplats’s mines and projects for $225m in a two-phase deal that was scuppered by opposition from a major shareholder in the Chinese company late last year.Eastplats said the two companies were unrelated.Heibei Zhongheng "has represented and warranted to Eastplats that it is not connected with Hebei Zhongbo Platinum," Eastplats said in a statement.Eastplats, which is listed in Toronto and Johannesburg, said a definitive agreement had been reached with Heibei Zhongheng to buy Barplats Mines, the wholly owned Eastplats subsidiary that owns the Crocodile River mining complex.Approvals from regulatory authorities and government departments in SA are among the conditions that need to be met. Both parties have agreed a break fee of $10m ...
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