Wescoal, Xstrata extend transaction completion date again
JOHANNESBURG (miningweekly.com) – JSE-listed Wescoal and diversified miner Xstrata have again extended the date for the satisfaction of certain remaining conditions precedent, related to the acquisition and disposal of the Vlaklaagte and Elandspruit mining rights, to May 31.
The companies had previously extended the date for the satisfaction of the conditions precedent to April 30.
In terms of a deal announced by the companies last year, Wescoal would sell its Vlaklaagte mining right to Xstrata for R81.1-million and, in turn, would buy Xstrata’s Elandspruit right for R93.8-million.
The outstanding conditions precedent included that the Vlaklaagte mining right be granted to Wescoal Mining in accordance with the Mineral and Petroleum Resources Development Act, and that Wescoal obtains Ministerial consent for the transfer of the Vlaklaagte mining rights to Xstrata.
Xstrata has now obtained Ministerial consent for the transfer of the Elandspruit mining right to Wescoal.
The parties had initially expected these conditions to be met by February 28.
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