Northam to buy part of Amandelbult tenement
Deal involves Northam Platinum paying Amplats R1bn in cash to buy part of the tenement to extend the life of its Zondereinde mine and give it access to high-quality reef
NORTHAM Platinum will pay Anglo American Platinum (Amplats) R1bn in cash to buy part of the Amandelbult mining tenement to extend the life of its Zondereinde mine and give it access to high-quality reef.Northam is on an aggressive drive to bulk up its portfolio, having bought the Everest South mine and concentrator from Aquarius Platinum to add to its Booysendal property near Steelpoort. It has started building a large furnace at its Zondereinde processing complex.In a recent black economic empowerment (BEE) transaction Northam topped up its cash reserves by about R4bn, giving it a healthy war chest to pursue its strategy of growing production to 1-million ounces of platinum group metals (PGMs) a year.While there was no mention of growing Zondereinde’s production, the purchase of a portion of the Amandelbult property that lies on Northam’s northwestern boundary at Zondereinde will reduce the average mining depth at SA’s deepest platinum mine and extend its life beyond 30 years."The ...
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