Bushveld Minerals Limited (AIM: BMN), a diversified mineral development company with projects in South Africa and Madagascar, has told DirectorsTalk about the Competition Commission of South Africa has completed its investigation and unconditionally approved Bushveld Vametco Limited’s acquisition of Strategic Minerals Corporation (“SMC”), in accordance with section 14(1)(b) of the Competition Act.
The Company is making good progress in securing the financing for the completion of the acquisition and to secure the fulfilment of the remaining conditions precedent which include obtaining approval from Bushveld shareholders and the waiver or lapse of Sojitz Corporation’s pre-emption rights to acquire the SMC shares.
Further updates will be provided as appropriate.
Fortune Mojapelo, CEO of Bushveld Minerals, commented: “We are pleased this significant milestone in fulfilling conditions precedent for the SMC acquisition has been completed within the expected time frame. The approval is supportive of Bushveld’s efforts to complete the transaction as soon practically possible.”