[miningmx.com] — METOREX said on Monday it has received a key approval in relation to its proposed takeover by China’s Jinchuan group. It also gave an updated timeline for the conclusion of the transaction.
According to a statement issued by Metorex, China’s Anti-Monopoly Bureau of the Ministry of Commerce has given its consent to the deal.
“Good progress has also been made on other People’s Republic of China (PRC) consents, as the Gansu Provincial SASAC has approved the transaction and the state NDRC is at the final stages in its review and approval of the scheme.’
The three outstanding conditions precedent to the transaction comprise:
• an exemption from the Zambian Securities and Exchange Commission from any obligation to make a mandatory offer to minority shareholders of Chibuluma in accordance with applicable Zambian laws and regulations;
• the remaining PRC Consents, including approvals by the NDRC and MOFCOM regarding acquisition of overseas assets.
• no material adverse change occurring.
The parties said they expect the deal to be finalised on December 29. The last day to trade Metorex shares on the JSE to be entitled to the transaction’s provisions would be January 6 2012, while trade in the company’s shares would be January 9.
