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AQUARIUS PLATINUM LIMITED - Disposal of non-core assets

Release Date: 30/01/2014 09:00
Code(s): AQP     PDF:  
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Disposal of non-core assets

Aquarius Platinum Limited                                                        
(Incorporated in Bermuda)                                                        
Registration Number: EC26290                                                     
JSE Code: AQP                                                                    
ISIN: BMG0440M1284 
 
30 January 2014 

Disposal of non-core assets 

Aquarius Platinum Limited (“Aquarius” or the “Company”) advises that it has agreed to dispose of two non-
core assets that do not form part of the Group's planned production profile. The sales are subject to 
completion of specific conditions precedent as outlined in the summary below.  
 
Sale of Kruidfontein prospecting rights 
Aquarius has agreed terms to dispose of 100% of the shares held in its indirect subsidiary, C&L Mining and 
Resources (Pty) Limited (“C&L”) to Pilanesberg Platinum Mines (Pty) Ltd, a subsidiary of Sedibelo Platinum 
Mines Limited (previously Platmin Limited) for a total sale consideration of US$30 million in cash.  The  
material asset of C&L is a prospecting right known as Kruidfontein in which C&L has a 90% economic benefit. 
The sale is conditional on renewal of the prospecting right and the approval in terms of Section 11 of the 
Mineral and Petroleum Resources Development Act 28 of 2002.  These approvals are respectively required by 
no later (i) than the second anniversary of the signature date and (ii) the earlier of the third anniversary of the 
signature date and the date falling 2 years after the date of grant of the renewal.  
 
Upon completion of the sale, Aquarius will receive $16.2 million (before tax) in consideration for its economic 
interest in the prospecting right with the remaining $10.8 million (before tax) due to the original vendors of 
the right. In terms of an agreement with the original vendors of the Kruidfontein prospecting right, Aquarius 
may elect to retain the remaining $10.8 million (less any tax payable), in return for an issue of shares in 
Aquarius, of same value, at the time the sale becomes unconditional, resulting in net cash inflows of $27 
million (before tax) for Aquarius.  
 
Sale of Blue Ridge & Sheba's Ridge 
Aquarius has agreed terms to dispose of all its indirect interests in Blue Ridge Platinum (Pty) Ltd and Sheba’s 
Ridge Platinum (Pty) Ltd to a consortium led by the China National Arts & Crafts (Group) Corporation for a total 
consideration of $37 million in cash, of which $4.3 million will be lent and advanced by Ridge Mining (Pty) Ltd 
to Blue Ridge for a period of 2 years from the closing date, being the date on which the last condition 
precedent to the sale agreement will be fulfilled.  
 
The sale agreement is subject to a number of conditions precedent, primarily: Chinese Government approvals, 
South Africa Competition Commission approval and a number of DMR regulatory approvals.  The outside date 
for the fulfilment of the conditions precedent has been fixed at 30 June 2014, but may be extended if required, 
by agreement between the parties. 
 
For further information please contact: 
 
Jean Nel - CEO 
+270100012848 
 
Willi Boehm – Company Secretary 
+61893675211 
 
or visit: www.aquariusplatinum.com 
 
Sponsor                                                                          
RAND MERCHANT BANK (A division of FirstRand Bank Limited)                        

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