Eastern Platinum has agreed to sell its South African platinum group metal business to China-based Hebei Zhongbo Platinum for $225m.

Under the deal, the company is required to acquire stakes from minority partners and settle other costs.

The sale includes the company’s Crocodile River mine in North West province of South Africa and Eastern Limb project, which was placed on care and maintenance in 2012, reported Mining Weekly.

The transaction to buy-out minority interests is valued at $25.7m. Eastern Platinum will pay around $20m finder’s fee and $3.8m in transaction costs.

Subject to certain conditions including regulatory approvals, the transaction is expected to close within six months.

Eastplats shareholders are set to approve the acquisition at a special meeting on 5 February 2015.