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Johannesburg - The planned sale by Aquarius Platinum [JSE:AQP] of stakes in a small mine and project to a Chinese consortium for $37m has been terminated after it failed to get South African regulatory approval, the mid-tier producer said on Wednesday.
China has made few direct forays into platinum production in South Africa, which sits on close to 80% of the world's known reserves of the precious metal used for emissions-capping catalytic converters in automobiles.
"As at 14 October 2014 certain South African regulatory approvals had regrettably not yet been granted ... as a result of which, the agreement terminated," the platinum producer said in a statement.
The planned sale was in the company's interest in the Blue Ridge mine, which has not been operational since 2011, and its Sheba project to a Chinese consortium led by the China National Arts & Crafts (Group) Corporation.
Although China has so far not made many direct investments in the sector, a rare exception is Wesizwe Platinum, which is in the process of building a mine. Its main strategic shareholders comprise a Chinese consortium headed by mining giant Jinchuan, which has a 45% stake in the group.
