Jin Jiang Mining Limited entered into a sale of shares agreement to acquire 34.1% stake in Nkwe Platinum Limited from Genorah Resources Ltd. and Genorah Resources Ltd for AUD 30.6 million.

Jin Jiang Mining Limited entered into a sale of shares agreement to acquire 34.1% stake in Nkwe Platinum Limited (ASX:NKP) from Genorah Resources (Pty) Ltd. and Genorah Resources (Australia) (Pty) Ltd for AUD 30.6 million in cash on July 20, 2015. Under the terms, Jin Jiang has agreed to acquire 305.83 million fully paid ordinary shares for a cash consideration of AUD 0.1 per share. The transaction will be mainly funded by Jin Jiang's internal resources and bank facilities.

Upon closing, Maredi Mphahlele, Mokganyentsi Sithole and Sharif Pandor will resign as Directors of Nkwe Platinum and Jin Jiang will have the discretion to nominate a representative to the Board. The deal is subject to a number of regulatory and other conditions precedent, including but not limited to the approval of the Financial Surveillance Department of the South African Reserve Bank, the approvals of the South African Competition Authorities and Peoples Republic of China regulatory approvals. The long stop date of the transaction will be September 30, 2015.

As of August 25, 2015, South Africa Competition Council has approved the deal.