Bauba Platinum acquisition back on after pre-emptives not exercised

JOHANNESBURG-listed Bauba Platinum said negotiations regarding an unspecified acquisition had resumed after pre-emptive rights held by another party over the target were not exercised.

“Shareholders are hereby notified that these pre-emptive rights have not been exercised and negotiations have now resumed,” the company said in a statement to the Johannesburg Stock Exchange. It added that successful conclusion of the negotiations would have a significant impact on the firm’s share price.

Bauba Platinum re-opened its Moeijelijk chrome mine in 2017, a development that led to positive interim numbers in March. A production target of 30,000 tonnes of chrome ore is expected to be achieved by the first half of the 2019 financial year. Underground production of 25,000 tonnes has been forecast for the 2018 financial year.