The acquisition will include Eastplats’ South African platinum group metal (PGM) business, all loans associated with its subsidiaries.
The PGM assets include Crocodile River mine, Spitzkop, Kennedy’s Vale and Mareesburg projects and their associated mining and prospecting rights.
Eastplats president and CEO Ian Rozier said: "The entire resource sector is under considerable pressure and PGMs have been disproportionately impacted as a result of a number of factors unique to the sector.
"The capital required to advance the Eastplats assets into production is not available in the public markets at this time and we are very encouraged by the ability of Hebei Zhongbo to deploy its resources in this regard.
"This foreign capital and the creation of much needed jobs will contribute to the ongoing socio-economic development in areas surrounding the mine and projects."
Subject to a definitive agreement and certain conditions, the deal is expected to close within six months.
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