Resource News

Aberdeen International (“Aberdeen” or the “Company”) (TSX:AAB) announces that African Thunder Platinum Limited (“ATP”), of which Aberdeen is a significant shareholder, has agreed to sell all of the issued and outstanding shares (the “SHM Shares”) of Smokey Hills Platinum Mining (Mauritius) (“Smokey Hills”), which owns the Smokey Hills Platinum Project in South Africa, to the Sail …

Aberdeen International (“Aberdeen” or the “Company”) (TSX:AAB) announces that African Thunder Platinum Limited (“ATP”), of which Aberdeen is a significant shareholder, has agreed to sell all of the issued and outstanding shares (the “SHM Shares”) of Smokey Hills Platinum Mining (Mauritius) (“Smokey Hills”), which owns the Smokey Hills Platinum Project in South Africa, to the Sail Group of Companies (the “Sail Group”).
The Sail Group is an international commodity trading company with a focus on chrome. The Sail Group has recently acquired two other chrome projects in the Bushveld complex that would complement the Smokey Hills assets.
Background

In December 2014, Aberdeen acquired a 42.25% interest in ATP. Through this investment, Aberdeen sought exposure to the expected rise in platinum prices and looked to use its South African operating experience to lead a turnaround of the Smokey Hills Platinum Project.
ATP recruited South African operators and engaged the local community to re-commence production operations at the Smokey Hills project. Unfortunately, platinum prices did not pan out as projected and ATP encountered delays in consolidating neighbouring mineral concessions and permits.

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