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Nkwe Platinum shares jump on Zijin takeover offer

Nkwe Platinum Ltd. shares closed up 140% on the ASX on March 19 after the company announced that China's Zijin Mining Group Co. Ltd. has tabled a conditional offer to acquire the entire issued share capital of Nkwe Platinum.

The Chinese group is offering 8 Australian cents per Nkwe Platinum share that it does not already own through its Jin Jiang Mining Ltd. subsidiary, which already controls 60.47% of the ASX-listed entity.

The indicative and nonbinding proposal will be subject to a review of the current life-of-mine plan for the Garatau platinum group metals project in South Africa, due diligence and Zijin board approval as well as a definitive agreement.

Garatau is a joint venture between Nkwe Platinum, Glencore PLC and Genorah Resources Pty. Ltd.

Zijin said it needs three to four weeks to complete its due diligence.